Canadian Solar to Receive C$115.5 Million Loan from National Bank of Canada

 Canadian Solar to Receive C$115.5 Million Loan from National Bank of Canada

PR Newswire

GUELPH, Ontario, May 2, 2014

GUELPH, Ontario, May 2, 2014 /PRNewswire/ -- Canadian Solar Inc.  (the
"Company", or "Canadian Solar") (NASDAQ: CSIQ), one of the world's largest
solar power companies, today announced that the National Bank of Canada will
provide the Company with C$115.5 million, in short-term construction
financing. The credit facility will be used to support the construction of
three solar power projects in Ontario, Canada, totaling 30 MWac.

The three solar power projects – "Sparkle Light" (Beaverton), "Good Light"
(Kawartha Lakes) and "Lunar Light" (Belleville) – have all been awarded a
20-year power purchase contract (the "FIT Contract") by the Ontario Power
Authority under Ontario's Feed-In-Tariff Program. "Sparkle Light" and "Good
Light" are already in construction and the construction of "Lunar Light" is
planned to commence in July 2014. The loans are expected to be repaid with the
proceeds of the sale of the respective financed projects.

"We appreciate the continued support of the National Bank of Canada. This is
the second construction loan package the bank has provided to Canadian Solar,
further demonstrating our bankability, high project quality, and successful
track record," said Dr. Shawn Qu, Chairman and Chief Executive Officer of
Canadian Solar Inc. "The strength and breadth of our broader global financing
network directly reflects Canadian Solar's Tier 1 position in the solar
industry, and is helping us to streamline and speed the development process."

About Canadian Solar

Founded in 2001 inCanada,Canadian Solar Inc.(NASDAQ: CSIQ) is one of the
world's largest and foremost solar power companies. As a leading vertically
integrated provider of solar modules, specialized solar products and solar
power plants with operations inNorth America, South America,Europe,Africa,
theMiddle East,AustraliaandAsia,Canadian Solarhas delivered more than 6
GW of premium quality solar modules to customers in over 70
countries.Canadian Solaris committed to improving the environment and
dedicated to providing advanced solar energy products, solutions and services
to enable sustainable development around the world. For more information,
please visitwww.canadiansolar.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 from expectations. 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 solar 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 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; delays in the
utility-scale project approval process; delays in utility-scale project
construction; shortage in supply of materials or capacity requirements; solar
equipment failure; 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 28, 2014. 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, andCanadian
Solarundertakes no duty to update such information, except as required under
applicable law.

SOURCE Canadian Solar Inc.

Website: http://www.canadiansolar.com
Contact: Canadian Solar Inc. Contacts: Investors: Ed Job, CFA Director,
Investor Relations, Canadian Solar Inc., investors@canadiansolar.com; David
Pasquale, Global IR Partners, Tel: +1-914-337-8801, csiq@globalirpartners.com;
Media: Naveed Hasan, Canadian Solar Inc., Phone: +1-415-583-0862,
Naveed.Hasan@canadiansolar.com
 
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