GUELPH, ON, April 11, 2023 /PRNewswire/ — Canadian Solar Inc. (the “Company” or “Canadian Solar”) (NASDAQ: CSIQ) today announced its majority-owned subsidiary CSI Solar Co., Ltd.’s (“CSI Solar”) 2024 capacity expansion plans. Namely, by the end of Q1 2024, CSI Solar intends to add 30 GW of ingot, 15 GW of wafer, 10 GW of cell and 25 GW of module capacity. Expected period-end capacities are updated as follows.

*Nameplate annualized capacities at said point in time. Capacity expansion plans are subject to change without notice based on market conditions and capital allocation plans.

Dr. Shawn Qu, Chairman and CEO of Canadian Solar, commented, “All our new capacity additions for 2023 and 2024 will be in the latest N-type technology, enabling us to better meet strong market demand and accelerate growth. In addition, by increasing the level of vertical integration, we continue to improve our control over technology, raw material sources and costs. These business plans will hep us further strengthen our long-term leadership position not just across our end markets but also throughout our supply chain positioning.”