Canadian Solar: Canadian Solar Secures 86 MWP In Japan’s 8th Solar Auction Solidifying Its #1 Market Share Position In Japan

Canadian Solar Inc. (the “Company”, or “Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies, today announced that it has been awarded 86 MWp in Japan’s 8th solar energy auction, accounting for the largest share of the total capacity auctioned.

The total of 86 MWp includes three projects located in the Tohoku region: an 80 MWp project in Miyagi Prefecture, a 3 MWp project located in Fukushima Prefecture and a 3 MWp project located in Aomori Prefecture. Once constructed, these projects will enter into a 20-year power purchase agreement with Tohoku Power Electric Company at a weighted average rate of ¥10.77 ($0.098) per kWh. The Company expects the projects to reach commercial operation between the years of 2024 and 2026.

Canadian Solar has the largest cumulative market share in Japan’s feed-in-tariff (FIT) auction program since its launch in 2017. It is also the only company that has participated and won projects in every Japanese FIT auction, demonstrating the Company’s competitiveness and commitment to this market. Since entering Japan’s solar project development business in 2011, the Company has executed on over 45 projects across the country and is currently in the process of executing on nearly 30 projects to be delivered over the next 3-5 years.

“We continue to grow our market presence in Japan. The 80 MWp project in Miyagi will become the second largest project we have developed in this market and will add to our existing portfolio of more than 450 MWp of utility-scale projects that are operational or under construction,” commented Dr. Shawn Qu, Chairman and CEO of Canadian Solar. “We have operated in Japan for ten years and have a long-term commitment to it, helping to achieve its 2050 goal for net carbon neutrality. Our business structure in Japan gives us a competitive advantage as we have strong local solar project development, operations and maintenance and asset management teams. We have also sponsored and partially own the largest listed infrastructure fund in Japan, the Canadian Solar Infrastructure Fund (TSE: 9284) which continues to help fund future growth in this sector, and have a leading module brand presence across the rooftop and utility-scale market segments.”