Canadian Solar Infrastructure Fund : Notice Concerning the Merger Proposal of Renewable Japan Energy Infrastructure Fund and Canadian Solar Infrastructure Fund

June 16, 2022

For Immediate Release

Investment Corporation

Canadian Solar Infrastructure Fund, Inc.

Representative: Hiroshi Yanagisawa

Executive Officer

(Securities Code: 9284,

Infrastructure Fund Market)

Asset Manager

Canadian Solar Asset Management K.K.

Representative:	Hiroshi Yanagisawa
	CEO & Representative Director
Inquiries:	Keiichi Yoshida
	Chief Financial Officer
	TEL: [phone]

Notice Concerning the Merger Proposal of Renewable Japan Energy Infrastructure Fund

and Canadian Solar Infrastructure Fund

Canadian Solar Infrastructure Fund, Inc. (hereinafter referred to as "CSIF") hereby announce that it had received a merger proposal from Canadian Solar Asset Management K.K. (hereinafter referred to as "CSAM"), the asset management company of CSIF, and Canadian Solar Projects K.K., the sponsor of CSIF (hereinafter referred to as the "Sponsor" and collectively with CSAM, the "CSAM Group"), for the purpose of a merger with Renewable Japan Energy Infrastructure Fund, Inc. (hereinafter referred to as "RJIF"). RJIF has been listed on the Tokyo Stock Exchange, Inc. (hereinafter referred to as "TSE") Infrastructure Fund Market under Securities Code 9283 since March 2017. The Sponsor is presently a unitholder of RJIF with a 3.0 percent ownership, or 6,020 investment units.

On June 13, 2022, the CSAM Group submitted a proposal (hereinafter referred to as "Merger Proposal") to outline the merger of RJIF and CSIF with the intent of delivering an alternative positive outcome for the unit holders of RJIF. The Merger Proposal was presented to the board of directors of RJIF and its Special Committee established on April 6, 2022. In parallel, the proposal for an alternative offer promotes viable optionality for the consideration of the RJIF Board to maximize its unitholders value, and promotes good faith, fairness, and transparency in adherence to the undertakings of the special committee (hereinafter referred to as "RJIF Committee").

On May 12, 2022, the RJIF Committee recommended its unitholders to accept the privatization offer of RJIF (hereinafter referred to as "Tender Offer") as announced through, "Notice of Expression of Opinion in Favor of the Tender Offer for Investment Units of Renewable Japan Energy Infrastructure Fund, Inc. by Limited Liability Company RJ7 and Recommendation to Tender" (hereinafter referred to as "Tender Offer Press

Release"). The Tender Offer Press Release stated that the privatization undertaking will be carried out by Limited Liability Company RJ7, which is wholly owned by Renewable Japan Co., Ltd. (TSE Growth Market, Securities Code 9522) and the RJIF Board and RJIF Committee are prepared to accept alternative proposals.

Following the announcement, the CSAM Group carefully considered and examined the Tender Offer disclosures, RJIF's historical annual securities reports, its website and other publicly available information. The CSAM Group concluded that pursuing a merger path that will provide the unitholders of RJIF with the opportunity to stay invested in renewable energy, earn attractive income from stable dividends, and preserve market liquidity options to own, increase, or reduce investments in solar power assets, through the ownership in a combined fund to be created through the merger of RJIF and CSIF. The CSAM Group progressed with the Merger Proposal to the RJIF Board and Committee on June 13, 2022, following a determination by the CSAM Board of Directors and in accordance with the Sponsor's rules and regulations. In the proposal, the CSAM Group called for the RJIF Committee to request the Offeror (RJ7) to further extend the Tender Offer Period to August 5, 2022 (60 business days) by June 17, 2022 and for the RJIF Committee to make recommendations to the RJIF Board, after prudent discussion and consideration in connection with the Merger Proposal from the perspective of maximizing the value of RJIF and interests of its unitholders.

The CSAM Group firmly views the merger of RJIF and CSIF to be a positive step that can accomplish the long-term value maximization of RJIF unitholders and represents a highly viable alternative to the Tender Offer. The CSAM Group believes that the merger of the two Funds, both of which have remained key players in the development of the TSE Infrastructure Fund Market, will create an astute leadership position and stimulate interest in the robust Japan ESG market among both domestic and foreign investors. Moreover, the CSAM Group believes Merger Proposal could expand the combined Fund's abilities, on a going-forward basis, to raise funds to acquire new assets, expand access to capital markets, create synergies from the merger, including portfolio diversification and higher liquidity. As a result, the CSAM Group believes that the Merger Proposal will maximize and align the collective interests of RJIF's unitholders and CSIF's unitholders in the same direction, under one combined Fund.

The Merger Proposal outlined a merger ratio of at least 1:0.86 for each RJIF unit to CSIF unit and preservation of a dividend equivalent to at least 3,200 yen semi-annually for each RJIF unit. CSIF expects the final merger ratio between CSIF and RJIF to be determined upon the immediate completion of customary operational, financial, and legal due diligence by the CSAM Group. In carrying out its fiduciary obligations, CSIF expects to seek an independent valuation through the engagement of a financial advisor, to establish reliable valuation parameters based on various methods, considering synergies and other factors.

Please refer to the attached "Supplementary Materials to the Proposal" for other details of the Merger Proposal.

CSIF will make an appropriate announcement in the event that there are any material developments regarding

the proposal.

End

*As the "CSAM Group" is defined to include the Sponsor, this term connotes a third-party point of view; however when CSAM is the subject matter, this term includes CSAM's own actions and perceptions.

URL of CSIF:

https://www.canadiansolarinfra.com/en/

S-25 CS Ogawara-machi Power Plant

June 13, 2022

Proposal supplementary materials

Canadian Solar Asset Management K.K. Canadian Solar Projects K.K.

List of terms

略称	用語等
"AUM"	Assets Under Management acquisition price basis
"CSAM"	Canadian Solar Asset Management K.K.
"CSIF"	Canadian Solar Infrastructure Fund, Inc.
"CSOM Japan"	Canadian Solar O&M Japan Inc.
"CSP"	Canadian Solar Projects K.K.
"CS Group"	Corporate group led by Canadian Solar Inc.
"DPU"	Distributions Per Unit
"EPU"	Earnings Per Unit
"JGIF"	Japan Green Infrastructure Fund
"RJ"	Renewable Japan Corporation
"RJAM"	RJ Investment Co., Ltd.
"RJIF"	Renewable Japan Energy Infrastructure Fund, Inc.
"RJ Group"	Corporate group led by RJ
the "Post-merger	CSIF after the Merger
Investment Corporation"
"TSE"	Tokyo Stock Exchange, Inc.
the "Merger"	Merger of CSIF and RJIF
the "Tender Offer"	Tender offer to make RJIF go private
the "Tender Offeror"	Godo Kaisha RJ7
the "Tender Offer	RJIF press release "Announcement of Opinion in Favor of Tender Offer for Investment Units of Renewable
Press Release"	Japan Energy Infrastructure Fund, Inc. (Securities Code: 9283) by Godo Kaisha RJ7" on May 12, 2022
the "Proposal"	Proposal for the Merger
the "Special Committee"	Special committee of RJIF for the Tender Offer	1