Canadian Solar : Investor Presentation - March 2024

Safe Harbor Statement

This presentation has been prepared by the Company solely to facilitate the understanding of the Company's business model and growth strategy. The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisers or representatives will be liable (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation.

This presentation contains forward-looking statements and management may make additional forward-looking statements in response to your questions. Such written and oral disclosures are made pursuant to the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to its future performance, consolidated results of operations and financial condition. These statements can be identified by the use of words such as "expects," "plans," "will," "estimates," "projects," or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from expectations implied by these forward-looking statements as a result of various factors and assumptions. Although we believe our expectations expressed in such forward-looking statements are reasonable, we cannot assure you that they will be realized, and therefore we refer you to a more detailed discussion of the risks and uncertainties contained in the Company's annual report on Form 20-F, as well as other documents filed with Securities & Exchange Commission. In addition, these forward-looking statements are made as of the current date, and the Company does not undertake to update forward-looking statements to reflect future events or circumstances, unless otherwise required by law.

Our Mission

To power the world with solar energy and create a better and cleaner Earth for future generations

Our Business

Canadian Solar at a Glance

• (1) By December 31, 2024.

• (2) As of December 31, 2023.

• (3) Track record as of January 31, 2024.

A Global Solar and Storage Manufacturing and Project Development Business

Canadian Solar (NASDAQ: CSIQ)

$7.61B	16.8%	$793M
FY23 Revenue	FY23 Gross Margin	FY23 EBITDA

62%

CSI Solar

Vertically Integrated Manufacturing

$274M	$3.87
FY23 Net Income	FY23 Diluted EPS(1)
80%(2)
Recurrent Energy
Global Project Development

Solar	Battery Energy Storage	Solar	Battery Energy Storage
30.7 GW	1.9 GWh(3)	10 GWp	>3 GWh
FY23 Shipments	FY23 Shipments	Track Record(4)	Track Record(4)
>118 GW	$2.6B	27 GWp	55 GWh
Cumulative Shipments	Contracted Backlog(4)	Pipeline(4)	Pipeline(4)

• (1) Diluted EPS includes the dilutive effect of convertible bonds. $3.87/share is calculated from total earnings of $279M (including 2.5% coupon of $5.3M) divided by diluted shares 72.2 million shares (including 6.3 million shares issuable upon the conversion of convertible bonds).

• (2) In January 2024, Recurrent Energy secured a $500 million preferred equity investment commitment, convertible into common equity, from BlackRock, representing 20% of the outstanding fully diluted shares of Recurrent Energy on an as-converted basis.

• (3) Including approx. 760 MWh expected to be recognized as revenues in 2024 due to being shipments in late Q4 2023.

• (4) Developed, built, and connected as of January 31, 2024; pipeline and contracted backlog as of the same date.

Premium Quality Solar PV Modules: Our Growth Story

Canadian's 20 Years of Double Digit Growth

Historical Solar PV Module Annual Shipments, GW

Canadian Solar has consistently outpaced the industry, gaining

2012 2015 2017 2020 2021 2022

2008

2009 2010 2011 2012 2013 2014

2015

2016 2017 2018 2019 2020 2021

TODAY

Source: BNEF, IRENA World Energy Transitions Outlook 2023.

18 TW Cumulative Solar Capacity Base by 2050

Global Solar PV Cumulative Installations, GW

To achieve the 1.5ºC Paris Agreement goal, solar PV's global installed capacity must reach 5.5 TW by 2030 and 18 TW by 2050.

18,200

2022

2023

2000

TOMORROW

2025E

2030E

2050E

Today, Solar Is a Hugely Underpenetrated yet Cost-effective Source of Energy

Massive Headroom for Solar

Attractive Returns with Module at Record Low Cost

Electricity Generation by Fuel Type

Coal, 35%

Solar, 5%

1990

1992

1994

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

2022

Source: BP Energy Outlook 2021, International Energy Agency (IEA), BNEF, S&P Global.

Solar PV Module Cost, $/W

105.7

1975

2023

1980

1985

1990

1995

2000

2005

2010

2015

2020

2021

2022

"Solar + Energy Storage" Will Lead the Terawatt Generation

Massive Growth in Both Solar and Energy Storage

Global Solar Cumulative

Installations, GWGlobal Energy Storage Cumulative Installations, GWh

"Solar + Energy Storage" Key to Energy Transition

Mean Unsubsidized Levelized Cost of Energy (LCOE) and

Levelized Cost of Storage (LCOS), $/MWh

1,600

1,114

359

2009

141

14

2013

2023

2018

2028

While global solar cumulative installations reached 1 TW in 2022, global energy storage system cumulative installations are expected to reach 1 TWh by 2028.

Source: S&P Global, Wood Mackenzie, Lazard 2023 LCOE and LCOS Reports. *CCGT = Combined Cycle Gas Turbine.

2010

2011

2012

2013

2014

2015

2016

2017

2018

2019

2020

2021

2023E

Solar + 4 hour energy storage is increasingly competitive.

Success Driven by Global-Local Team and Culture of Diversity

Europe

Manufacturing operations.

North America

Canada

Guelph: Global HQ

U.S.

Austin: North America HQ Mesquite, Texas Jeffersonville, Indiana Walnut Creek

San Francisco New York City

Note: Showing office locations only. Certain offices are shared between the CSI Solar and Recurrent Energy businesses. Canadian Solar may do business in more locations than shown on the map.

Asia Pacific

P.R. China

Suzhou: China HQ Yancheng Yangzhou Funing Suqian Luoyang Baotou Hohhot Jiaxing Xining Beijing Jinan Guangzhou Kuming Wuhan Wuhu

Hong Kong, SAR

Taiwan, China

Hsinchu

Japan

Tokyo Osaka

South Korea

Seoul

Gwangju

India

New Delhi

Thailand

Chonburi

Vietnam

Hai Phong

Malaysia

Kuala Lumpur

Singapore

Singapore

Australia

Melbourne Sydney

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