Penn Energy Renewables and Canadian Solar Expand EPC Agreement for the Construction of an Additional 10 MW Solar Power Project

    Penn Energy Renewables and Canadian Solar Expand EPC Agreement for the
      Construction of an Additional 10 MW Solar Power Project In Ontario

PR Newswire

GUELPH and TORONTO, Ontario, Oct. 16, 2012

GUELPH and TORONTO, Ontario, Oct. 16, 2012 /PRNewswire-FirstCall/-- Canadian
Solar Inc. (NASDAQ: CSIQ) (the "Company", or "Canadian Solar"), one of the
world's largest solar power companies, today announced that its subsidiary,
Canadian Solar Solutions Inc., has expanded its relationship with Penn Energy
Renewables Ltd. ("Penn Energy") with an additional 10MW (AC) turnkey
engineering, procurement and construction ("EPC") contract and operations and
maintenance ("OM") agreement for the construction and operation of a solar
power project in Ontario by Canadian Solar for Penn Energy. This latest
agreement brings the total EPC and OM agreement between the two companies to
28.7MW (AC). Construction of the newest solar power plant will begin in the
fourth quarter of 2012, with the facility expected to be fully operational by
the third quarter of 2013. Construction on the previously announced solar
power projects, representing 18.7MW (AC), is underway and expected to be fully
operational by the summer of 2013.

"Our mission is to provide homes, businesses and schools with solar power that
connects directly to existing electrical distribution lines. It is critical to
our success that we have a strong EPC partner, which we have found with
Canadian Solar," said Sean McCloskey, Penn Energy Renewables Ltd.

"Penn Energy has a very forward looking vision for solar power and this
utility-scale solar installation is notably the third project of our
successful partnership," said Dr. Shawn Qu, chairman and chief executive
officer of Canadian Solar. "These projects will significantly contribute to
the growth of solar powered energy and job creation in the Ontario market, and
extend our position as a leading provider of solar energy solutions in
Canada."

The latest utility-scale solar power project will power approximately 1,462
homes and is expected to prevent approximately 234,440 metric tons of carbon
dioxide emissions over the 20-year period. In addition, the installation will
include approximately 46,000 Canadian Solar CS6P high-performance modules,
which have been formally tested and awarded international certifications
validating the quality of the Company's products. The solar power plant is
expected to create more than 100 new jobs during the development and
construction phases of the project.

About Canadian Solar Inc.

Canadian Solar Inc. is one of the world's largest solar companies. As a
leading vertically integrated provider of ingots, wafers, solar cells, solar
modules and other solar applications, Canadian Solar designs, manufactures and
delivers solar products and solar system solutions for on-grid and off-grid
use to customers worldwide. With operations in North America, Europe,
Australia, Africa and Asia, Canadian Solar provides premium quality,
cost-effective and environmentally-friendly solar solutions to support global,
sustainable development. For more information, visit www.canadiansolar.com.

About Penn Energy Renewables Ltd.

Penn Energy Renewables Ltd. is the Canadian member of the Penn Group of
Companies which is headquartered just outside Philadelphia, Pennsylvania. Penn
actively develops, acquires and invests in utility-scale solar farms. The firm
is a long-term investor and has real estate, mineral and energy holdings in
Texas, Nevada, New York, Vermont, New Jersey, Massachusetts, Delaware,
Pennsylvania and Ontario. Penn is applying the companies' resources,
experience and track record of success to deliver first-class utility-scale
solar farms that are clean, quiet and produce infinitely renewable solar
energy. In Ontario, Penn Energy Renewables Ltd. has seven executed
Feed-in-Tariff (FIT) contracts with the Ontario Power Authority (OPA) for
projects with power generation capacity in excess of 60 megawatts AC. Penn
strives to enhance its relationships with utilities and project developers and
welcomes new opportunities to continue growing its portfolio of solar
development projects and operating solar farms in markets worldwide. For more
information, visit www.pennenergyrenewables.com.

Safe Harbor/Forward-Looking Statements

Certain statements in this press release are forward-looking statements that
involve a number of risks and uncertainties that could cause actual results to
differ materially. These statements are made under the "Safe Harbor"
provisions of the U.S. Private Securities Litigation Reform Act of 1995. In
some cases, you can identify forward-looking statements by such terms as
"believes," "expects," "anticipates," "intends," "estimates," the negative of
these terms, or other comparable terminology. Factors that could cause actual
results to differ include the risks regarding general business and economic
conditions and the state of the solar industry; governmental support for the
deployment of solar power; future available supplies of high-purity silicon;
demand for end-use products by consumers and inventory levels of such products
in the supply chain; changes in demand from significant customers; changes in
demand in our project markets, including Canada; changes in customer order
patterns; capacity utilization; level of competition; pricing pressure and
declines in average selling prices; delays in new product introduction;
continued success in technological innovations and delivery of products with
the features customers demand; utility-scale project approval process; delays
in utility-scale project construction; shortage in supply of materials or
capacity requirements; availability of financing; exchange rate fluctuations;
litigation and other risks as described in the Company's SEC filings,
including its annual report on Form 20-F filed on April 27, 2012. Although the
Company believes that the expectations reflected in the forward looking
statements are reasonable, it cannot guarantee future results, level of
activity, performance, or achievements. You should not place undue reliance on
these forward-looking statements. All information provided in this press
release is as of today's date, unless otherwise stated, and Canadian Solar
undertakes no duty to update such information, except as required under
applicable law.

SOURCE Canadian Solar Inc.

Website: http://www.canadiansolar.com
Website: http://www.pennenergyrenewables.com
Contact: Canadian Solar Inc., Ed Job, CFA, Director, Investor Relations,
ir@canadiansolar.com and Suzanne Wilson, Suzanne.Wilson@na.canadiansolar.com,
+1-519-837-1881 or Global IR Partners, David Pasquale, +1-914-337-8801,
csiq@globalirpartners.com or Penn Group of Companies, Cyrus Tingley,
+1-610-662-0300, cyrus@pennrealestategroup.com