Canadian Solar Starts Building on 143 MWp of Solar Projects in Japan

• Canadian Solar announced today that it has actually started construction on four solar projects in Japan completing 143 MWp This portfolio includes Canadian Solar's flagship mega-project, the 100 MWp Azuma Kofuji project found in the Fukushima Prefecture, as well as various other projects completing 43 MWp in the Ibaraki as well as Hiroshima Prefectures.

Azuma Kofuji 100 MWp.

The Azuma Kofuji project is Canadian Solar's biggest project in Japan to day and also is also expected to be amongst the biggest in the country. The project will certainly be powered with Canadian Solar high effectiveness HiKu modules as well as is anticipated to get to business procedure in Q1 2023. The power created will certainly be purchased by the Tohoku Electric Power Business at the rate of ¥ 36 ($ 0.34) per kWh.

The project is funded by Nomura Capital Investment Co., Ltd. (" NCI") with construction financial debt of JPY 24.5 billion (around US$ 230 million), as well as will draw on Juwi Shizen Energy's experience as an international EPC (Design, Purchase and Construction) business. Improved 460 acres, Azuma Kofuji is expected to produce enough clean power to power approximately 31,000 families. The project is anticipated to take part in the Environment Bonds environment-friendly accreditation process which works with the brand-new European Union Green Bond Requirement (EU GBS).

" We are delighted to add our part to revitalize the Fukushima Prefecture. Up until recently, the Azuma Kofuji project site was an abandoned, non-productive farmland. Currently, we are straight investing and developing regional job possibilities during the construction of the project, reinvigorating the neighborhood economic climate in a region devastated by the 2011 Tohoku quake. We have functioned closely with local neighborhoods to make sure that clean, renewable energy from our solar plant creates enduring social advantages. We are proud to participate in restoring economic as well as energy strength in the Fukushima hometowns while sustaining Japan's 2050 carbon nonpartisanship ambitions," commented Dr. Shawn Qu, Chairman and Chief Executive Officer of Canadian Solar.

He added, "These projects remain to broaden Canadian Solar's solid record in Japan. We currently have over 450 MWp of utility-scale projects that are operational or under construction, and 2 partnership platforms in Canadian Solar Infrastructure Fund (TSE: 9284) and also Japan Green Framework Fund. We are additionally among the best solar module brand names in Japan driven by our distinguished innovation as well as huge manufacturing range. Created, we have further solidified Canadian Solar as the most integrated solar gamer in the Japanese market. We thank our funding companions that remain to support Canadian Solar with low-cost capital, which enable us to develop and expand our top notch project portfolio in Japan."

" Nomura has considerable experience financing renewables in Japan and is thrilled to sustain Canadian Solar on this considerable transaction," claimed Vinod Mukani, Head of Nomura's Facilities as well as Power Financing group. "Canadian Solar is wonderfully positioned as a tier-1 solar module manufacturer and as a leading global solar designer. Nomura is pleased to give this funding as well as companion with strong enrollers contributing toward the transition to a reduced carbon economic situation."

Ibaraki as well as Hiroshima projects 43 MWp

These projects obtained JPY 8.1 billion (US$ 75 million) via the issuance of Green Project Bonds to Japanese bond capitalists. As an experienced project bond company, Canadian Solar has partnered with Goldman Sachs Japan Co., Ltd (" GS") as the sole arranger for the sixth time. Once again, the residential bond financiers supplied Canadian Solar with innovative financial obligation capital that is readily various to that of the typical bank facility market. These project bonds combine the unique aspects of having dual-tenor maturity of 2 years and 18 years within each tranche of bond, and blend total funding demands throughout the building and also operational phase of numerous projects. The Japan Credit Score Company, Ltd. (" JCR") has assigned these Multi-Asset Dual-Tenor Green Project Bonds with an investment quality score of "BBB+" as well as certified the provider with highest possible Green 1 rating under the Japanese Green Bond guidelines. Hitachi Capital Trust Corp. is selected as the trustee.

" Nomura has extensive experience financing renewables in Japan as well as is excited to support Canadian Solar on this considerable deal," stated Vinod Mukani, Head of Nomura's Infrastructure and also Power Finance group. "Canadian Solar is wonderfully positioned as a tier-1 solar module manufacturer and also as a leading international solar designer. Nomura is pleased to offer this financing and partner with strong sponsors adding toward the change to a reduced carbon economic situation."