Canadian Solar Announces Completion of At-The-Market Offering of Common Shares

Canadian Solar Announces Completion of At-The-Market Offering of Common Shares

PR Newswire

GUELPH, Ontario, Sept. 11, 2013

GUELPH, Ontario, Sept. 11, 2013 /PRNewswire-FirstCall/ -- Canadian Solar Inc.
(NASDAQ: CSIQ) (the "Company", or "Canadian Solar"), one of the world's
largest solar power companies, today announced the completion of the Company's
at-the-market offering of common shares previously announced on August 15,
2013.

Upon the completion of the offering, the Company had sold 3,772,254 of its
common shares at an average price of $13.25 per share, raising approximately
$50.0 million in gross proceeds. The common shares were offered through Credit
Suisse as sales agent. The Company received net proceeds of approximately
$48.0 million from the offering after deducting the sales agent's commissions
and estimated offering expenses. Canadian Solar intends to use the net
proceeds from the offering for general corporate purposes, which may include
solar power project development expenses and working capital.

The common shares were offered under the Company's existing shelf registration
statement which has become effective. A prospectus supplement and a related
base prospectus describing the terms of the offering have previously been
filed with the Securities and Exchange Commission. A copy of the prospectus
supplement and the base prospectus relating to these securities may be
obtained from Credit Suisse Securities (USA) LLC, Attention: Prospectus
Department, One Madison Avenue, New York, NY, 10010, by phone at (800)
221-1037, or by e-mail atnewyork.prospectus@credit-suisse.com.

This press release does not constitute an offer to sell or a solicitation of
an offer to buy any securities, nor will there be any sale of these securities
in any state or jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to registration or qualification under the securities
laws of any such state or other jurisdiction.

About Canadian Solar Inc. (NASDAQ: CSIQ)

Founded in 2001 in Canada, Canadian Solar Inc. (NASDAQ: CSIQ) is one of the
world's largest solar power companies. As a leading vertically integrated
provider of solar modules, specialized solar products and solar power plants
with operations in North America, South America, Europe, Africa, the Middle
East, Australia and Asia, Canadian Solar has delivered more than 5GW of
premium quality solar modules to customers in over 70 countries. Canadian
Solar is committed to improve the environment and dedicated to providing
advanced solar energy products, solutions and services to enable sustainable
development around the world. For more information, please visit
www.canadiansolar.com

Safe Harbor/Forward-Looking Statements

Certain statements made or incorporated by reference 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 the Company project markets,
including Canada and the Province of Ontario; 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'sSECfilings,
including its annual report on Form 20-F filed onApril 26, 2013 and the
prospectus supplement filed on August 15, 2013. 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. Investors 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, andCanadian
Solarundertakes no duty to update such information, except as required under
applicable law.

SOURCE Canadian Solar Inc.

Website: http://www.canadiansolar.com
Contact: CONTACTS: Investor Relations Contacts, Ed Job, CFA, Director,
Investor Relations, Canadian Solar Inc., investors@canadiansolar.com; David
Pasquale, Global IR Partners, +1-914-337-8801, csiq@globalirpartners.com
 
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