Canadian Solar Receives C$139 Million Non-Recourse Construction Financing Agreement

  Canadian Solar Receives C$139 Million Non-Recourse Construction Financing

PR Newswire

GUELPH, Ontario, Canada, Dec. 3, 2012

GUELPH, Ontario, Canada, Dec. 3, 2012 /PRNewswire/ --Canadian Solar Inc. 
(the "Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's
largest solar power companies, today announced that it has signed a financing
agreement pursuant to which Deutsche Bank has agreed to provide C$139 million
(US$139 million) in non-recourse, short-term construction financing to
Canadian Solar for the construction of solar power projects in Ontario,
Canada. The loans are expected to be repaid with the proceeds of the sale of
the respective financed projects.

The loan facility is intended to support the simultaneous construction of five
utility-scale solar power plants totaling 49 MW AC. Developed by Canadian
Solar, the projects are expected to be built and connected through 2012 and
2013. All of the projects have been awarded a 20-year power purchase contract
(the "FIT Contract") by the Ontario Power Authority under the Ontario's Feed-
In-Tariff Program. As a part of Canadian Solar's turnkey solar solutions,
these projects will be acquired by TransCanada Corporation in accordance with
the sales agreement announced in December of 2011.

Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar,
said,"We have systematically grown Canadian Solar's project pipeline and
total solutions business over the past few years by leveraging our global
brand, established project infrastructure and excellent support services.
Having, a strong and equally committed financial partner, will allow us to
further accelerate development of our already robust project pipeline. Our
current and prospective project partners will now have even higher confidence
in working with Canadian Solar as we continue to successfully execute on our
growth strategy."

About Canadian Solar

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

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.

Contact: Media, Canadian Solar Solutions Inc., Marketing Canada, Suzanne
Wilson,, +1-519-837-1881 or Investor
Relations, Ed Job, CFA, Director, Investor Relations, Canadian Solar Inc., or David Pasquale, Global IR Partners, +1-914-337-8801,
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