{"id":1204,"date":"2023-04-17T12:27:00","date_gmt":"2023-04-17T03:27:00","guid":{"rendered":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/?p=1204"},"modified":"2023-04-18T15:58:59","modified_gmt":"2023-04-18T06:58:59","slug":"canadian-solar-reports-fourth-quarter-and-full-year-2022-results","status":"publish","type":"post","link":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/2023\/1204.html","title":{"rendered":"CANADIAN SOLAR REPORTS FOURTH QUARTER AND FULL YEAR 2022 RESULTS"},"content":{"rendered":"\n<p>GUELPH, ON,&nbsp;March 21, 2023&nbsp;\/PRNewswire\/ &#8212;&nbsp;<a href=\"http:\/\/www.canadiansolar.com\/\" target=\"_blank\" rel=\"noreferrer noopener\">Canadian Solar Inc.<\/a>&nbsp;(&#8220;Canadian Solar&#8221; or the &#8220;Company&#8221;) (NASDAQ: CSIQ) today announced financial results for the fourth quarter and full year ended&nbsp;December 31, 2022.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Fourth Quarter 2022 Highlights<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>68% increase in solar module shipments year-over-year (&#8220;yoy&#8221;) to 6.4 GW, above guidance range of 6.0 GW to 6.3 GW.<\/li><li>29% increase in revenue yoy to\u00a0$1.97 billion, above guidance range of\u00a0$1.8 billion\u00a0to\u00a0$1.9 billion.<\/li><li>17.7% gross margin at the high end of guidance range of 16% to 18%.<\/li><li>Net income attributable to\u00a0Canadian Solar\u00a0of\u00a0$78 million\u00a0or\u00a0$1.11\u00a0per diluted share. \u00a0<\/li><\/ul>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Full Year 2022 Highlights<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Record revenues of\u00a0$7.47 billion, a 42% increase yoy.<\/li><li>Record net income attributable to\u00a0Canadian Solar\u00a0of\u00a0$240 million, or\u00a0$3.44\u00a0per diluted share.<\/li><li>Record solar module shipments of 21.1 GW by\u00a0CSI Solar, a 45% increase yoy.<\/li><li>Record utility-scale battery storage shipments of 1.79 GWh by\u00a0CSI Solar, doubling last year.<\/li><li>25 GWp of solar development pipeline and 47 GWh of battery storage development pipeline, as of\u00a0January 31, 2023\u00a0(Global Energy).<\/li><\/ul>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Dr.\u00a0Shawn Qu, Chairman and CEO<\/strong>, commented, &#8220;We achieved record financial results in 2022, with revenue increasing 42% and net income attributable to shareholders increasing 152%. Our company and industry are at a critical turning point as we transition towards a grid parity market where clean energy investments are attractive both economically and from a sustainability standpoint, unlocking significant global demand. In addition, as solar equipment costs reach closer to the bottom of the cost curve, volume growth is translating into both revenue and earnings growth, driven by a combination of a stabler cost structure, increasing pricing power and operating leverage. This is evident in our 2022 results and adds to our confidence in our future growth opportunities.\u00a0Lastly,\u00a0CSI Solar&#8217;s\u00a0carve-out IPO just got approved by\u00a0China Securities Regulatory Commission\u00a0as we speak today.&#8221;<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Yan Zhuang, President of\u00a0Canadian Solar&#8217;s\u00a0CSI Solar\u00a0subsidiary<\/strong>, said, &#8220;We achieved significant growth and profitability improvements throughout 2022. We continued to focus on strengthening our competitive advantage in technology and product leadership, positioning our brand in high-priced premium markets, building on strong customer and channel relationships, and increasing control over costs through vertical integration of manufacturing capabilities. Both material and logistical costs declined further. Looking ahead, we expect significant growth driven by our solar and battery storage offerings. In particular, we achieved over\u00a0$1 billion\u00a0in contracted battery storage revenues as of\u00a0January 31, 2023, giving us significant visibility over our multi-year growth prospects and ability to deliver sustainable long-term value to our shareholders.&#8221;<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Ismael Guerrero, Corporate VP and President of\u00a0Canadian Solar&#8217;s\u00a0Global Energy subsidiary<\/strong>, said, &#8220;The fourth quarter of 2022 was impacted by the timing of project sales, as expected, and adjustments in our growth strategy to hold valuable solar assets for the longer term. We continue to execute on 25 GW of solar and 47 GWh of battery storage projects (of which 13.5 GW and 11.6 GWh respectively have interconnections), one of the largest pipelines globally, and create value in our projects.&#8221;<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Dr.\u00a0Huifeng Chang, Senior VP and CFO<\/strong>, added, &#8220;In the fourth quarter, we achieved\u00a0$1.97 billion\u00a0in revenue, a 17.7% gross margin, and net income of\u00a0$1.11\u00a0per diluted share. We ended the quarter with a total cash position of\u00a0$2.0 billion\u00a0and reduced our leverage from a net debt to EBITDA standpoint. Overall, we remain disciplined in our capital deployment and are positioned to capture long-term growth and value.&#8221;<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Fourth Quarter 2022 Results<\/strong><\/p>\n\n\n\n<p>Total module shipments recognized as revenues in the fourth quarter\u00a0of 2022 were 6.4 GW, up 68% yoy. Of the total, 216 MW\u00a0were shipped\u00a0to the Company&#8217;s own utility-scale solar power projects.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Net revenues in the fourth quarter of 2022 were up 29% yoy and 2%\u00a0quarter-over-quarter (&#8220;qoq&#8221;) to\u00a0$1.97 billion. The sequential increase primarily reflects higher solar module shipment volumes, partially offset by a small decline in module average selling price (&#8220;ASP&#8221;) and lower revenue from battery storage solutions and project sales. The yoy increase was mainly driven by the significant increase in solar module shipments.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Gross profit in the fourth quarter of 2022 was\u00a0$349 million, up 16% yoy and down 4% qoq. Gross margin in the fourth quarter of 2022 was 17.7%, compared to 18.8% in the third quarter of 2022, at the high end of the guidance range. The gross margin decline was mainly driven by lower margin contribution from project sales and lower module ASPs, partially offset by lower manufacturing costs and the depreciation of the Renminbi relative to the\u00a0U.S.\u00a0Dollar.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Total operating expenses in the fourth quarter of 2022 were\u00a0$213 million\u00a0compared to\u00a0$274 million in the third quarter of 2022 and\u00a0$234 million\u00a0in the fourth\u00a0quarter of 2021.\u00a0The\u00a0decrease was mainly driven by lower logistics costs and a lower impairment charge related to certain manufacturing assets.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Depreciation and amortization charges in the fourth quarter of 2022 were\u00a0$50 million,\u00a0compared to\u00a0$56 million\u00a0in the third quarter of 2022 and\u00a0$84 million\u00a0in the fourth quarter of 2021. The decline was mainly driven by an accelerated depreciation of a production facility that occurred in the fourth quarter of 2021 and currency translation of the Renminbi relative to the\u00a0U.S.\u00a0Dollar.\u00a0<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Net interest expense in the fourth quarter of 2022 was\u00a0$11 million, compared to net interest income of\u00a0$4 million\u00a0in the third quarter of 2022 and net interest expense of\u00a0$13 million\u00a0in the fourth quarter of 2021. Net interest expense returned to a normalized level in the fourth quarter with the absence of an interest benefit generated by the anti-dumping and countervailing duty deposit refunds in the third quarter of 2022.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Net foreign exchange and derivative loss in the fourth quarter of 2022 was\u00a0$15 million, compared to a net gain of\u00a0$39 million\u00a0in the\u00a0third\u00a0quarter of 2022 and a net gain of\u00a0$1 million\u00a0in the fourth quarter of 2021. The net foreign exchange loss was mainly driven by the strengthening of the Euro and the Japanese Yen against the\u00a0U.S.\u00a0Dollar.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Net income attributable to\u00a0Canadian Solar\u00a0in the fourth quarter of 2022 was\u00a0$78 million, or\u00a0$1.11\u00a0per diluted share (&#8220;diluted EPS&#8221;), compared to net income of\u00a0$78 million, or\u00a0$1.12\u00a0per diluted share, in the third quarter of 2022, and net income of\u00a0$26 million, or\u00a0$0.39\u00a0per diluted share, in the fourth quarter of 2021.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Net cash flow provided by operating activities in the fourth quarter of 2022 was\u00a0$397 million, compared to\u00a0$68 million\u00a0in the third quarter of 2022. The increase in operating cash inflow was mainly driven by changes in working capital.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Total debt was\u00a0$2,593 million\u00a0as of\u00a0December 31, 2022, compared to\u00a0$2,713 million\u00a0as of\u00a0September 30, 2022, and included\u00a0$684 million\u00a0and\u00a0$842 million\u00a0of debt related to project assets as of\u00a0December 31, 2022\u00a0and\u00a0September 30, 2022, respectively. Non-recourse debt used to finance solar power systems and project assets increased\u00a0to\u00a0$365 million\u00a0as of\u00a0December 31, 2022, from $311\u00a0million as of\u00a0September 30, 2022.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Total project assets at the end of the fourth quarter of 2022 were\u00a0$824 million, compared to\u00a0$911\u00a0million at the end of the third quarter of 2022. Project assets are projects that are developed and built for sale, as part of Global Energy&#8217;s business model.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The net value of solar power systems at the end of the fourth quarter of 2022 were\u00a0$365 million, compared to\u00a0$101\u00a0million at the end of the third quarter of 2022. Solar power systems are projects that are developed and built to hold on the Company&#8217;s balance sheet. During the fourth quarter of 2022, the Company determined that certain solar projects in\u00a0Brazil\u00a0and\u00a0Italy\u00a0with book value of\u00a0$264\u00a0million\u00a0were appropriately reclassified as solar power systems as the intention on these projects transitioned to be held on the Company&#8217;s balance sheet for the purpose of generating long-term electricity income.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Corporate Structure<\/strong><\/p>\n\n\n\n<p>The Company has two business segments: Global Energy and\u00a0CSI Solar, which operate as follows:<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The\u00a0<strong>Global Energy<\/strong>\u00a0segment carries out the Company&#8217;s global project development activities for both solar and battery storage project development, which include sourcing land, interconnection agreements, structuring power purchase agreements (PPAs) and other permits and requirements. The Global Energy segment develops both stand-alone solar and stand-alone battery storage projects, as well as hybrid solar plus storage projects. Its monetization strategies vary between develop-to-sell, build-to-sell, and build-to-own, depending on business strategies and market conditions, with the goal of maximizing returns, accelerating cash turn, and minimizing capital risk.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The\u00a0<strong>CSI Solar<\/strong>\u00a0segment consists of solar module manufacturing and total system solutions, including inverters, solar system kits and EPC (engineering, procurement, and construction) services. The\u00a0CSI Solar\u00a0segment also includes the Company&#8217;s battery storage system integration business, delivering bankable, end-to-end, turnkey battery storage solutions for utility-scale, commercial and industrial, and residential applications. These storage systems solutions are complemented with long-term service agreements, including future battery capacity augmentation services.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Global Energy Segment<\/strong><\/p>\n\n\n\n<p>Canadian Solar\u00a0has one of the world&#8217;s largest and most geographically diversified utility-scale solar and energy storage project development platforms, with a strong track record of originating, developing, financing, and building nearly 9 GWp of solar power plants and 3 GWh of battery storage power plants across six continents. As of\u00a0January 2023, the Company had a total global solar pipeline of 25 GWp and an energy storage project development pipeline of 47 GWh.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The continued pipeline expansion and strong project development track record support Global Energy&#8217;s growth in three key areas:&nbsp;<\/p>\n\n\n\n<ol class=\"wp-block-list\" type=\"1\"><li><strong>Project sales<\/strong>: The Company plans to grow its volume of project sales by a compound annual growth rate of approximately 20% to 2026, while holding and accumulating assets through investment vehicles (see below) in order to better capture asset value.<\/li><li><strong>Investment vehicles<\/strong>: The Company is optimizing its project monetization strategy by establishing local investment vehicles to help maximize the value of its project assets while retaining minority ownership in these vehicles. This approach will help the Company build and grow a stable base of long-term cash flows from contracted electricity while recycling a large portion of the capital into developing new solar projects for growth. Meanwhile, the Company expects to capture additional operational value throughout the partial ownership period, including long-term cash flows from power sales, operations and maintenance (&#8220;O&amp;M&#8221;) and other services (see point 3). The Company currently owns a 15% stake in the\u00a0Canadian Solar Infrastructure Fund\u00a0(&#8220;CSIF&#8221;, TSE: 9284), the largest Japanese infrastructure fund listed on the\u00a0Tokyo Stock Exchange, and has established the CSFS Fund I, a fund of a similar nature in\u00a0Italy.<\/li><li><strong>Services<\/strong>: The Company currently manages over 3.7 GW of operational projects under long-term O&amp;M agreements, and an additional 2.3 GW of contracted projects that will be operated and maintained by the Company once they are placed in operation. The Company&#8217;s target is to reach 20 GW of projects under O&amp;M agreements by 2026.<\/li><\/ol>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>Management targets to achieve the following over the next few years:<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Global Energy Targets<\/strong><\/td><td><strong>2022A<\/strong><\/td><td><strong>2023E<\/strong><\/td><td><strong>2024E<\/strong><\/td><td><strong>2025E<\/strong><\/td><td><strong>2026E<\/strong><\/td><\/tr><tr><td>Annual Project Sales, GWp<\/td><td>2.0<\/td><td>2.8-3.3<\/td><td>3.5-4.0<\/td><td>4.0-4.5<\/td><td>4.3-4.8<\/td><\/tr><tr><td>Operational O&amp;M Projects, GWp<\/td><td>3.7<\/td><td>7.5<\/td><td>11<\/td><td>15<\/td><td>20<\/td><\/tr><tr><td>Net Cumulative Projects Retained, MWp*<\/td><td>417<\/td><td>630<\/td><td>1,000<\/td><td>1,100<\/td><td>1,300<\/td><\/tr><tr><td>Gross Cumulative Projects Retained, MWp*<\/td><td>1,400<\/td><td>2,580<\/td><td>3,500<\/td><td>4,000<\/td><td>5,000<\/td><\/tr><\/tbody><\/table><figcaption><em>*Net projects retained represents\u00a0CSIQ&#8217;s\u00a0net partial ownership of solar projects; the gross number represents the<br>aggregate gross size of projects, including the share which is not owned by\u00a0CSIQ.<\/em><\/figcaption><\/figure>\n\n\n\n<p><em><u>Project Development Pipeline \u2013 Solar<\/u><\/em><\/p>\n\n\n\n<p>As of\u00a0January 31, 2023, the Company&#8217;s total solar project development pipeline was 24.7 GWp, including 1.8 GWp under construction, 4.9 GWp of backlog, and 18.0 GWp of projects in advanced and early-stage pipelines, defined as follows: \u00a0<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<ul class=\"wp-block-list\"><li><strong>Backlog<\/strong>\u00a0<strong>projects<\/strong>\u00a0are late-stage projects that have passed their risk cliff date and are expected to start construction in the next 1-4 years. A project&#8217;s risk cliff date is the date on which the project passes the last high-risk development stage and varies depending on the country where it is located. This is usually after the projects have received all the required environmental and regulatory approvals, and entered into interconnection agreements, feed-in tariff (&#8220;FIT&#8221;) arrangements and power purchase agreements (&#8220;PPAs&#8221;). Over 90% of projects in backlog are contracted (i.e., have secured a PPA or FIT), and the remaining are reasonably assured of securing PPAs.<\/li><li><strong>Advanced pipeline projects\u00a0<\/strong>are mid-stage projects that have secured or have more than 90% certainty of securing an interconnection agreement.<\/li><li><strong>Early-stage pipeline projects<\/strong>\u00a0are early-stage projects controlled by\u00a0Canadian Solar\u00a0that are in the process of securing interconnection.<\/li><\/ul>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The following table presents&nbsp;<strong>Global Energy&#8217;s total solar project development<\/strong>&nbsp;pipeline.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><\/td><td><strong>Total Project Pipeline (as of&nbsp;January 31, 2023) \u2013 MWp*<\/strong><\/td><\/tr><tr><td><strong>Region<\/strong><\/td><td><strong>In<br>Construction<\/strong><\/td><td><strong>Backlog<\/strong><\/td><td><strong>Advanced<br>Pipeline<\/strong><\/td><td><strong>Early-Stage<br>Pipeline<\/strong><\/td><td><strong>Total<\/strong><\/td><\/tr><tr><td>North America<\/td><td>&#8211;<\/td><td>422<\/td><td>2,310<\/td><td>4,324<\/td><td><strong>7,056<\/strong><\/td><\/tr><tr><td>Latin America<\/td><td>1,400**<\/td><td>2,397**<\/td><td>908<\/td><td>510<\/td><td><strong>5,215<\/strong><\/td><\/tr><tr><td>Europe, the&nbsp;Middle East&nbsp;and&nbsp;Africa<br>&nbsp; &nbsp; &nbsp; (&#8220;EMEA&#8221;)<\/td><td>89<\/td><td>936<\/td><td>3,509<\/td><td>2,803<\/td><td><strong>7,337<\/strong><\/td><\/tr><tr><td>Japan<\/td><td>36<\/td><td>149<\/td><td>3<\/td><td>55<\/td><td><strong>243<\/strong><\/td><\/tr><tr><td>Asia Pacific&nbsp;excluding&nbsp;Japan&nbsp;and&nbsp;China<\/td><td>&#8211;<\/td><td>3<\/td><td>135<\/td><td>2,058<\/td><td><strong>2,196<\/strong><\/td><\/tr><tr><td>China<\/td><td>250<\/td><td>971**<\/td><td>&#8211;<\/td><td>1,475<\/td><td><strong>2,696<\/strong><\/td><\/tr><tr><td><strong>Total<\/strong><\/td><td><strong>1,775<\/strong><\/td><td><strong>4,878<\/strong><\/td><td><strong>6,865<\/strong><\/td><td><strong>11,225<\/strong><\/td><td><strong>24,743<\/strong><\/td><\/tr><\/tbody><\/table><figcaption><em>*All numbers are gross MWp.**Including 645 MWp in construction and 282 MWp in backlog that are owned by or already sold to third parties.<\/em><\/figcaption><\/figure>\n\n\n\n<p><em><u>Project Development Pipeline \u2013 Battery Storage<\/u><\/em><\/p>\n\n\n\n<p>As of\u00a0January 31, 2023, the Company&#8217;s total battery storage project development pipeline was 46.9 GWh, including 0.3 GWh under construction, 2.9 GWh of backlog, and 43.7 GWh of projects in advanced and early-stage pipelines.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The table below sets forth&nbsp;<strong>Global Energy&#8217;s total storage project development<\/strong>&nbsp;pipeline.<\/p>\n\n\n<figure class=\"wp-block-table\">\n<table>\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"6\"><strong>Storage<\/strong><strong>\u00a0Project Development Backlog and Pipeline<\/strong>\u00a0<strong>(as of\u00a0January 31, 2023) \u2013 MWh<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Region<\/strong><\/td>\n<td><strong>In<br \/>Construction<\/strong><\/td>\n<td><strong>Backlog<\/strong><\/td>\n<td><strong>Advanced<br \/>Pipeline<\/strong><\/td>\n<td><strong>Early-Stage<br \/>Pipeline<\/strong><\/td>\n<td><strong>Total<\/strong><\/td>\n<\/tr>\n<tr>\n<td>North America<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<td>4,098<\/td>\n<td>15,382<\/td>\n<td><strong>19,480<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Latin America<\/td>\n<td>&#8211;<\/td>\n<td>2,300<\/td>\n<td>1,650<\/td>\n<td>970<\/td>\n<td><strong>4,920<\/strong><\/td>\n<\/tr>\n<tr>\n<td>EMEA<\/td>\n<td>&#8211;<\/td>\n<td>110<\/td>\n<td>2,620<\/td>\n<td>9,999<\/td>\n<td><strong>12,729<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Japan<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<td>19<\/td>\n<td><strong>19<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Asia Pacific, excluding\u00a0Japan\u00a0and\u00a0China<\/td>\n<td>20<\/td>\n<td>458<\/td>\n<td>&#8211;<\/td>\n<td>1,640<\/td>\n<td><strong>2,118<\/strong><\/td>\n<\/tr>\n<tr>\n<td>China<\/td>\n<td>300<\/td>\n<td>&#8211;<\/td>\n<td>&#8211;<\/td>\n<td>7,300<\/td>\n<td><strong>7,600<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>Total<\/strong><\/td>\n<td><strong>320<\/strong><\/td>\n<td><strong>2,868<\/strong><\/td>\n<td><strong>8,368<\/strong><\/td>\n<td><strong>35,310<\/strong><\/td>\n<td><strong>46,866<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n\n\n<p><em><u>Projects in Operation \u2013 Solar and Battery Storage Power Plants<\/u><\/em><\/p>\n\n\n\n<p>As of&nbsp;January 31, 2023, the Company&#8217;s solar power plants in operation totaled 574 MWp, with a combined estimated net resale value of approximately&nbsp;$620 million&nbsp;to&nbsp;Canadian Solar. The estimated net resale value is based on selling prices that&nbsp;Canadian Solar&nbsp;is currently negotiating or comparable asset sales.<\/p>\n\n\n<figure class=\"wp-block-table\">\n<table>\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"6\"><strong>Solar Power Plants in Operation \u2013 MWp*<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><strong>Latin America<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>Japan<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>Asia Pacific\u00a0<\/strong><strong>ex.\u00a0Japan\u00a0and\u00a0China<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>China<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>Total<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">336<\/td>\n<td style=\"text-align: center;\">140<\/td>\n<td style=\"text-align: center;\">12<\/td>\n<td style=\"text-align: center;\">86<\/td>\n<td style=\"text-align: center;\"><strong>574<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<figcaption><em>*All numbers are net\u00a0MWp\u00a0owned by\u00a0Canadian Solar;total gross\u00a0MWp of projects is 1,027\u00a0MWp, includingvolume that is already sold to third parties.<\/em><\/figcaption>\n<\/figure>\n\n\n<p>As of\u00a0January 31, 2023, the Company&#8217;s battery storage power plants in operation totaled 280 MWh, representing the 20% interest\u00a0Canadian Solar\u00a0retains in the 1,400 MWh Crimson standalone battery storage project in\u00a0California.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><em><u>Operating Results<\/u><\/em><\/p>\n\n\n\n<p>The following table presents select unaudited results of operations data of the Global Energy segment for the periods indicated.<\/p>\n\n\n<figure class=\"wp-block-table\">\n<table>\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"6\"><strong>Global Energy Segment Financial Results<\/strong><strong>(<\/strong><strong>In Thousands of\u00a0U.S.\u00a0Dollars, Except Percentages)<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\u00a0<\/td>\n<td style=\"text-align: center;\" colspan=\"3\"><strong>Three Months Ended<\/strong><\/td>\n<td style=\"text-align: center;\">\u00a0<\/td>\n<td style=\"text-align: center;\" colspan=\"2\"><strong>Twelve Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\u00a0<\/td>\n<td style=\"text-align: center;\"><strong>December 31,<br \/>2022<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>September 30,<br \/>2022<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>December 31,<\/strong><strong>2021<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>December 31,<br \/>2022<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>December 31,<\/strong><strong>2021<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Net revenues<\/td>\n<td>73,650<\/td>\n<td>100,925<\/td>\n<td>232,418<\/td>\n<td>821,525<\/td>\n<td>1,124,083<\/td>\n<\/tr>\n<tr>\n<td>Cost of\u00a0revenues<\/td>\n<td>57,686<\/td>\n<td>53,366<\/td>\n<td>224,359<\/td>\n<td>660,161<\/td>\n<td>930,099<\/td>\n<\/tr>\n<tr>\n<td>Gross profit<\/td>\n<td>15,964<\/td>\n<td>47,559<\/td>\n<td>8,059<\/td>\n<td>161,364<\/td>\n<td>193,984<\/td>\n<\/tr>\n<tr>\n<td>Operating expenses<\/td>\n<td>17,315<\/td>\n<td>20,512<\/td>\n<td>22,787<\/td>\n<td>81,000<\/td>\n<td>96,805<\/td>\n<\/tr>\n<tr>\n<td>Income (loss) from<br \/>operations*<\/td>\n<td>(1,351)<\/td>\n<td>27,047<\/td>\n<td>(14,728)<\/td>\n<td>80,364<\/td>\n<td>97,179<\/td>\n<\/tr>\n<tr>\n<td><em>Gross margin<\/em><\/td>\n<td><em>21.7\u00a0%<\/em><\/td>\n<td><em>47.1\u00a0%<\/em><\/td>\n<td><em>3.5\u00a0%<\/em><\/td>\n<td><em>19.6\u00a0%<\/em><\/td>\n<td><em>17.3\u00a0%<\/em><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\"><em>Operating margin<\/em><\/td>\n<td style=\"text-align: center;\"><em>-1.8\u00a0%<\/em><\/td>\n<td style=\"text-align: center;\"><em>26.8\u00a0%<\/em><\/td>\n<td style=\"text-align: center;\"><em>-6.3\u00a0%<\/em><\/td>\n<td style=\"text-align: center;\"><em>9.8\u00a0%<\/em><\/td>\n<td style=\"text-align: center;\"><em>8.6\u00a0%<\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<figcaption><em>*Income (loss) from operations reflects management&#8217;s allocation and estimate as some services are shared by the Company&#8217;s two business segments.<\/em><\/figcaption>\n<\/figure>\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>CSI Solar Segment<\/strong><\/p>\n\n\n\n<p><em><u>Solar Modules<\/u><\/em><\/p>\n\n\n\n<p>CSI Solar&nbsp;shipped 6.4&nbsp;GW of solar modules to more than 70 countries in the fourth quarter of 2022.&nbsp;For both the fourth quarter and full year of 2022, the top five markets ranked by shipments were&nbsp;China, the&nbsp;U.S.,&nbsp;Brazil,&nbsp;Spain, and&nbsp;Germany.<\/p>\n\n\n\n<p>CSI Solar&#8217;s&nbsp;2023 solar capacity expansion targets are set forth below.<\/p>\n\n\n\n<figure class=\"wp-block-table\">\n<table>\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"4\"><strong>Solar Manufacturing Capacity, GW*<\/strong><\/td>\n<\/tr>\n<tr>\n<td>&nbsp;<\/td>\n<td><strong>December 2022&nbsp;<\/strong><strong>Actual<\/strong><\/td>\n<td><strong>June 2023<\/strong><strong>Plan<\/strong><\/td>\n<td><strong>December 2023<\/strong><strong>Plan<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Ingot<\/td>\n<td style=\"text-align: center;\">20.4<\/td>\n<td style=\"text-align: center;\">20.4<\/td>\n<td style=\"text-align: center;\">20.4<\/td>\n<\/tr>\n<tr>\n<td>Wafer<\/td>\n<td style=\"text-align: center;\">20.0<\/td>\n<td style=\"text-align: center;\">21.0<\/td>\n<td style=\"text-align: center;\">35.0<\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: left;\">Cell<\/td>\n<td style=\"text-align: center;\">19.8<\/td>\n<td style=\"text-align: center;\">26.0<\/td>\n<td style=\"text-align: center;\">50.0<\/td>\n<\/tr>\n<tr>\n<td>Module<\/td>\n<td style=\"text-align: center;\">32.2<\/td>\n<td style=\"text-align: center;\">36.7<\/td>\n<td style=\"text-align: center;\">50.0<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n\n\n\n<p>*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.<\/p>\n\n\n\n<p><em><u>Battery Storage Solutions<\/u><\/em><\/p>\n\n\n\n<p>Within\u00a0CSI Solar, the battery storage solutions team, namely CSI Energy Storage, provides customers with competitive turnkey, integrated, utility-scale battery storage solutions, including bankable and fully wrapped capacity and operating performance levels. System performance is complemented with long-term service agreements, which include future battery capacity augmentation services and bring in long-term, stable income.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>As of\u00a0January 31, 2023, CSI Energy Storage had a total project turnkey pipeline of 22.6 GWh, which includes both contracted and in construction projects, as well as projects at different stages of the negotiation process. CSI Energy Storage was also managing 2.3 GWh of projects under long-term service agreements, which are operational battery storage projects delivered by CSI Energy Storage that are under multi-year long-term service agreements and generate recurring earnings.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>The total contracted turnkey pipeline was over\u00a0$1 billion, which are contractual obligations that provide significant earnings visibility over a multi-year period.<\/strong><\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>During 2022, CSI Energy Storage launched the SolBank, a lithium iron phosphate (LiFePO4) chemistry-based battery storage enclosure with up to 2.8 MWh of usable energy capacity, specifically engineered for utility-scale applications. The SolBank is designed with liquid cooling and humidity control, active balancing BMS (battery management system) technologies, and complies with the latest international safety and compliance standards. CSI Energy Storage produces the SolBank on fully automated, state-of-the-art production and testing facilities.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>The table below sets forth CSI Energy Storage&#8217;s battery storage manufacturing capacity expansion targets.<\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><strong>Battery Storage Manufacturing<br>Capacity, GWh*<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>December 2022<\/strong><strong>Actual<\/strong><\/td><td class=\"has-text-align-center\" data-align=\"center\"><strong>December 2023<\/strong><strong>Plan<\/strong><\/td><\/tr><tr><td>SolBank<\/td><td class=\"has-text-align-center\" data-align=\"center\">2.5<\/td><td class=\"has-text-align-center\" data-align=\"center\">10.0<\/td><\/tr><\/tbody><\/table><figcaption><em>*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.<\/em><\/figcaption><\/figure>\n\n\n\n<p><em><u>Operating Results<\/u><\/em>&nbsp;<\/p>\n\n\n\n<p>The following table presents select unaudited results of operations data of the&nbsp;CSI Solar&nbsp;segment for the periods indicated.<\/p>\n\n\n<figure class=\"wp-block-table\">\n<table>\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"6\"><strong>CSI Solar Segment Financial Results<\/strong><strong>*<\/strong>\u00a0<strong>(In Thousands of\u00a0U.S.\u00a0Dollars, Except Percentages)<\/strong><\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td style=\"text-align: center;\" colspan=\"3\"><strong>Three Months Ended<\/strong><\/td>\n<td style=\"text-align: center;\" colspan=\"2\"><strong>Twelve Months Ended<\/strong><\/td>\n<\/tr>\n<tr>\n<td style=\"text-align: center;\">\u00a0<\/td>\n<td style=\"text-align: center;\"><strong>December<br \/>31, 2022<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>September<br \/>30, 2022<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>December 31,<\/strong><strong>2021<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>December<br \/>31, 2022<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>December 31,<\/strong><strong>2021<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Net revenues<\/td>\n<td style=\"text-align: center;\">1,976,045<\/td>\n<td style=\"text-align: center;\">1,973,163<\/td>\n<td style=\"text-align: center;\">1,343,278<\/td>\n<td style=\"text-align: center;\">6,975,612<\/td>\n<td style=\"text-align: center;\">4,371,603<\/td>\n<\/tr>\n<tr>\n<td>Cost of\u00a0revenues<\/td>\n<td style=\"text-align: center;\">1,631,417<\/td>\n<td style=\"text-align: center;\">1,632,518<\/td>\n<td style=\"text-align: center;\">1,056,750<\/td>\n<td style=\"text-align: center;\">5,824,855<\/td>\n<td style=\"text-align: center;\">3,689,126<\/td>\n<\/tr>\n<tr>\n<td>Gross profit<\/td>\n<td style=\"text-align: center;\">344,628<\/td>\n<td style=\"text-align: center;\">340,645<\/td>\n<td style=\"text-align: center;\">286,528<\/td>\n<td style=\"text-align: center;\">1,150,757<\/td>\n<td style=\"text-align: center;\">682,477<\/td>\n<\/tr>\n<tr>\n<td>Operating expenses<\/td>\n<td style=\"text-align: center;\">192,099<\/td>\n<td style=\"text-align: center;\">243,667<\/td>\n<td style=\"text-align: center;\">204,969<\/td>\n<td style=\"text-align: center;\">806,959<\/td>\n<td style=\"text-align: center;\">608,345<\/td>\n<\/tr>\n<tr>\n<td>Income from operations<\/td>\n<td style=\"text-align: center;\">152,529<\/td>\n<td style=\"text-align: center;\">96,978<\/td>\n<td style=\"text-align: center;\">81,559<\/td>\n<td style=\"text-align: center;\">343,798<\/td>\n<td style=\"text-align: center;\">74,132<\/td>\n<\/tr>\n<tr>\n<td><em>Gross margin<\/em><\/td>\n<td style=\"text-align: center;\"><em>17.4\u00a0%<\/em><\/td>\n<td style=\"text-align: center;\"><em>17.3\u00a0%<\/em><\/td>\n<td style=\"text-align: center;\"><em>21.3\u00a0%<\/em><\/td>\n<td style=\"text-align: center;\"><em>16.5\u00a0%<\/em><\/td>\n<td style=\"text-align: center;\">15.6\u00a0%<\/td>\n<\/tr>\n<tr>\n<td><em>Operating margin<\/em><\/td>\n<td style=\"text-align: center;\"><em>7.7\u00a0%<\/em><\/td>\n<td style=\"text-align: center;\"><em>4.9\u00a0%<\/em><\/td>\n<td style=\"text-align: center;\"><em>6.1\u00a0%<\/em><\/td>\n<td style=\"text-align: center;\"><em>4.9\u00a0%<\/em><\/td>\n<td style=\"text-align: center;\"><em>1.7\u00a0%<\/em><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<figcaption><em>*Include\u00a0effects of both sales to\u00a0third-party customers\u00a0and to\u00a0the Company&#8217;s Global Energy\u00a0segment.\u00a0Please refer to the attached financial tables for intercompany transaction elimination information. Income from operations reflects management&#8217;s allocation and estimate as some services are shared by the Company&#8217;s two business segments.<\/em><\/figcaption>\n<\/figure>\n\n\n<p>The table below provides the geographic distribution of the net revenues of&nbsp;CSI Solar:<\/p>\n\n\n<figure class=\"wp-block-table\">\n<table>\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"5\"><strong>CSI Solar Net Revenues Geographic Distribution* (In Millions of\u00a0U.S.\u00a0Dollars, Except Percentages)<\/strong><\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td style=\"text-align: center;\"><strong>Q4 2022<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>% of Net<br \/>Revenues<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>Full Year 2022<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>% of Net<br \/>Revenues<\/strong><\/td>\n<\/tr>\n<tr>\n<td>Asia<\/td>\n<td style=\"text-align: center;\">846<\/td>\n<td style=\"text-align: center;\">45<\/td>\n<td style=\"text-align: center;\">2,576<\/td>\n<td style=\"text-align: center;\">39<\/td>\n<\/tr>\n<tr>\n<td>Americas<\/td>\n<td style=\"text-align: center;\">635<\/td>\n<td style=\"text-align: center;\">33<\/td>\n<td style=\"text-align: center;\">2,480<\/td>\n<td style=\"text-align: center;\">37<\/td>\n<\/tr>\n<tr>\n<td>Europe\u00a0and others<\/td>\n<td style=\"text-align: center;\">417<\/td>\n<td style=\"text-align: center;\">22<\/td>\n<td style=\"text-align: center;\">1,591<\/td>\n<td style=\"text-align: center;\">24<\/td>\n<\/tr>\n<tr>\n<td><strong>Total<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>1,898<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>100<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>6,647<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>100<\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<figcaption><em>*Excludes sales from\u00a0CSI\u00a0Solar to Global Energy.<\/em>\u00a0<\/figcaption>\n<\/figure>\n\n\n<p><strong>Business Outlook<\/strong><\/p>\n\n\n\n<p>The Company&#8217;s business outlook is based on management&#8217;s current views and estimates given factors such as existing market conditions, order book, production capacity, input material prices, foreign exchange fluctuations, anticipated timing of project sales, and the global economic environment. This outlook is subject to uncertainty with respect to, among other things, customer demand, project construction and sale schedules, product sales prices and costs, supply chain constraints, and geopolitical conflicts. Management&#8217;s views and estimates are subject to change without notice.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>For the first quarter\u00a0of 2023, the Company expects total revenue to be in the range of\u00a0$1.6 billion\u00a0to\u00a0$1.8\u00a0billion. Gross margin is expected to be between 18% to 20%. Total module shipments recognized as revenues by\u00a0CSI Solar\u00a0are expected to be in the range of 5.9 GW to 6.2 GW, including approximately 133 MW to the Company&#8217;s own projects. \u00a0<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>For the full year of 2023, the Company reiterates its prior outlook for\u00a0CSI Solar&#8217;s\u00a0total module shipments to be in the range of 30 GW to 35 GW.\u00a0CSI Solar&#8217;s\u00a0battery storage shipments are expected to be in the range of 1.8 GWh to 2.0 GWh, representing this year&#8217;s transition from white label to own manufactured product. The Company&#8217;s total revenue is expected to be in the range of\u00a0$8.5 billion\u00a0to\u00a0$9.5 billion.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Dr.\u00a0Shawn Qu, Chairman and CEO,<\/strong>\u00a0commented, &#8220;Our strategy remains to focus on profitable growth and investing to improve our long-term competitive advantage. The first quarter of the year is always seasonally softer and thus we expect an acceleration in end market demand through the year as the large global pipeline of customer projects are executed. Margins are taking a turn for the better as we continue to deliver on our vertical integration and cost reduction programs, further helped by lower raw material input costs. On the operating profit side, we expect to achieve operating leverage this year from the significant volume growth, especially given the decline in unit logistics costs. Overall, we continue to position our business competitively and drive value for our shareholders.&#8221;<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Recent Developments<\/strong><\/p>\n\n\n\n<p><em><u>Global Energy<\/u><\/em><\/p>\n\n\n\n<p>On\u00a0March 7, 2023,\u00a0Canadian Solar\u00a0announced three solar power projects in\u00a0Japan\u00a0totaling 42 MWp reached commercial operation. The three projects are powered by\u00a0Canadian Solar\u00a0bifacial BiHiKu modules, and the energy generated is being purchased by grid operators in their respective areas under\u00a0Japan&#8217;s\u00a0feed-in-tariff program for approximately 19 years at the rates of\u00a0JPY32\u00a0(US$0.24),\u00a0JPY14.49\u00a0(US$0.11), and\u00a0JPY14.25\u00a0(US$0.10) per kWh.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>On\u00a0March 6, 2023,\u00a0Canadian Solar\u00a0announced that six solar power projects totaling 685 MW in\u00a0Spain\u00a0received favorable Environmental Impact Assessments (EIA) from the Spanish regulatory authorities. The EIA assess the direct and indirect impacts of a power project based on a range of environmental factors, including the impacts on the local community, biodiversity, land, soil, water, air, climate, landscape, and cultural heritage. The EIA procedures ensure environmental protection and consideration are considered from the very beginning of project development activities. The process also fosters public engagement and provides transparency in the decision-making process.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>On\u00a0February 27, 2023,\u00a0Canadian Solar\u00a0announced\u00a0Canadian Solar EMEA Capital Markets, S.A.U., an indirectly wholly-owned subsidiary of\u00a0Canadian Solar incorporated\u00a0in\u00a0Spain\u00a0(part of Global Energy), registered its \u20ac100 million medium term note program in the MARF (a Spanish multilateral trading facility). The notes may qualify as &#8220;green bonds&#8221; pursuant to the\u00a0International Capital Market Association\u00a0(ICMA) Green Bond Principles and the Green Financing Framework approved by the Company.\u00a0Canadian Solar&#8217;s\u00a0Green Financing Framework received a favorable third-party opinion from Sustainalytics. The note program provides\u00a0Canadian Solar\u00a0a framework that can allow the Company to quickly access the capital markets and raise capital in a series of issuances, increasing its sustainable investment footprint and using the proceeds to finance the development and acquisition of new solar PV and battery storage projects.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>On\u00a0January 31, 2023,\u00a0Canadian Solar\u00a0announced that its Global Energy business signed an agreement to sell 30% of the preferred units of the Company&#8217;s first Italian alternative investment fund (CSFS Fund I) to Gardant Investor SGR. CSFS Fund I is a closed-ended, real-estate reserved alternative investment fund managed by Finint Investments SGR. CSFS Fund I&#8217;s\u00a0perimeter includes a portfolio of seven solar power projects with a total capacity of 124.2 MWp, located in\u00a0Italy. These projects are currently under construction and expected to reach commercial operation between March and December of 2023.\u00a0Canadian Solar\u00a0developed these projects and will provide the operations and maintenance services once they are completed.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>On\u00a0November 17, 2022,\u00a0Canadian Solar\u00a0announced that its\u00a0Japan\u00a0flagship mega-project, the 100 MWp Azuma Kofuji solar project located in the Fukushima Prefecture, had reached commercial operation. The Azuma Kofuji project is\u00a0Canadian Solar&#8217;s\u00a0largest project in\u00a0Japan\u00a0and Fukushima Prefecture&#8217;s largest operational solar project to date. The energy generated by Azuma Kofuji plant is being purchased by the Tohoku Electric Power Company at the rate of\u00a0JPY36\u00a0(U$0.26) per kWh under\u00a0Japan&#8217;s\u00a0feed-in-tariff program for over 18 years.\u00a0Canadian Solar&#8217;s\u00a0local subsidiary will perform the long-term operations and maintenance of the power plant.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><em><u>CSI Solar<\/u><\/em><\/p>\n\n\n\n<p>On\u00a0February 23, 2023,\u00a0Canadian Solar\u00a0announced that its majority-owned subsidiary,\u00a0CSI Solar, was selected to provide 487 MWh of SolBank energy storage products to\u00a0Aypa Power, a\u00a0Blackstone\u00a0portfolio company, to support\u00a0Aypa Power&#8217;s\u00a0487 MWh standalone energy storage project in\u00a0Southern California. The standalone energy storage project is expected to be operational by the first half of 2024.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>On\u00a0February 15, 2023,\u00a0Canadian Solar\u00a0announced that its majority-owned subsidiary,\u00a0CSI Solar, would launch the EP Cube, its residential all-in-one energy storage solutions in\u00a0Europe, following the successful launch in\u00a0North America\u00a0in\u00a0September 2022. The EP Cube allows users to increase the efficiency of their self-consumption solar PV installations by storing, managing, and using the electricity generated with their own PV system. EP Cube is a flexible and smart solution that optimizes costs and reduces users&#8217; reliance on the electrical grid, at a time of elevated electricity prices.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>On\u00a0January 30, 2023,\u00a0Canadian Solar\u00a0announced that a wholly-owned subsidiary of its majority-owned subsidiary\u00a0CSI Solar\u00a0entered into a multi-year investment agreement with the municipal government of Yangzhou City in\u00a0Jiangsu Province,\u00a0China. Under the agreement,\u00a0CSI Solar\u00a0plans to add vertically integrated high efficiency wafer, cell, and module capacity, as well as battery system manufacturing capacity, in Yangzhou&#8217;s clean energy manufacturing industrial park. The project plan will be carried out in three phases, with phase I being 14 GW of wafer and cell capacity. Phase I is expected to commence production in the second half of 2023, while the implementation of phase II and III is subject to change, at the Company&#8217;s discretion, based on market conditions and the Company&#8217;s assessments. \u00a0<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>On\u00a0January 4, 2023,\u00a0Canadian Solar\u00a0announced that CSI Energy Storage, which is part of its majority-owned subsidiary\u00a0CSI Solar, has been selected to provide up to 550 MWh of SolBank energy storage products to Pulse Clean Energy (&#8220;Pulse&#8221;) to be used in various\u00a0UK-based projects. Under the agreement, CSI Energy Storage will also provide commissioning services for the products, in addition to long-term warranties and performance guarantees.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>On\u00a0December 15, 2022,\u00a0Canadian Solar\u00a0announced that its majority-owned subsidiary,\u00a0CSI Solar, will start mass production of high efficiency N-type TOPCon (Tunnel Oxide Passivated Contact) solar modules in the first quarter of 2023.\u00a0Canadian Solar&#8217;s\u00a0TOPCon modules are best in class and have a power output of up to 690W, and a cell conversion efficiency of around 25.0%, which is 1.5% higher than the average cell efficiency of the mainstream products in the market.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>On\u00a0December 5, 2022,\u00a0Canadian Solar\u00a0announced that its majority-owned subsidiary,\u00a0CSI Solar, signed a 256 MW solar module contract with\u00a0SOLA Group, a\u00a0Cape Town-based independent power producer. The 256 MWs will supply the first two largest utility-scale solar power projects in\u00a0South Africa, which are based on private power purchase agreements.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>On\u00a0November 21, 2022,\u00a0Canadian Solar\u00a0announced that CSI Energy Storage, which is part of its majority-owned subsidiary\u00a0CSI Solar,\u00a0has been selected to provide up to 2.6 GWh of battery solutions over the next few years for the build-out of energy storage projects managed by UBS Asset Management&#8217;s\u00a0Real Estate &amp; Private Markets\u00a0business in\u00a0North America.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Conference Call Information<\/strong>\u00a0The Company will hold a conference call on\u00a0Tuesday, March 21, 2023, at\u00a08:00 a.m.\u00a0U.S.\u00a0Eastern Daylight Time (8:00 p.m.,\u00a0Tuesday, March 21, 2023, in\u00a0Hong Kong) to discuss its fourth quarter and full year 2022 results and business outlook. The dial-in phone number for the live audio call is +1-877-704-4453\u00a0(toll-free from the\u00a0U.S.), 800-965-561 (toll-free from\u00a0Hong Kong), 400-120-2840 (local dial-in from Mainland China) or +1-201-389-0920 from international locations. The conference ID is 13736481. A live webcast of the conference call will also be available on the investor relations section of\u00a0Canadian Solar&#8217;s\u00a0website at\u00a0<a rel=\"noreferrer noopener\" href=\"http:\/\/www.canadiansolar.com\/\" target=\"_blank\">www.canadiansolar.com<\/a><\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p>A replay of the call will be available 2 hours after the conclusion of the call until\u00a011:00 p.m.\u00a0U.S.\u00a0Eastern Daylight Time on\u00a0Tuesday, April 4, 2023\u00a0(11:00 a.m.,\u00a0April 5, 2023, in\u00a0Hong Kong) and can be accessed by +1-844-512-2921 (toll-free from the\u00a0U.S.), or +1-412-317-6671\u00a0from international locations. The replay pin number is 13736481. A webcast replay will also be available on the investor relations section of\u00a0Canadian Solar&#8217;s\u00a0website at\u00a0<a rel=\"noreferrer noopener\" href=\"http:\/\/www.canadiansolar.com\/\" target=\"_blank\">www.canadiansolar.com<\/a>.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>About&nbsp;Canadian Solar Inc.<\/strong><\/p>\n\n\n\n<p>Canadian Solar\u00a0was founded in 2001 in\u00a0Canada\u00a0and is one of the world&#8217;s largest solar technology and renewable energy companies. It is a leading manufacturer of solar photovoltaic modules, provider of solar energy and battery storage solutions, and developer of utility-scale solar power and battery storage projects with a geographically diversified pipeline in various stages of development. Over the past 22 years,\u00a0Canadian Solar\u00a0has successfully delivered around 88 GW\u00a0of premium-quality, solar photovoltaic modules to customers across the world. Likewise, since entering the project development business in 2010,\u00a0Canadian Solar\u00a0has developed, built and connected around 8.8 GWp in over 20 countries across the world. Currently, the Company has approximately 574 MWp of projects in operation, 6.7 GWp of projects under construction or in backlog (late-stage), and an additional 18\u00a0GWp of projects in advanced and early-stage pipeline.\u00a0Canadian Solar\u00a0is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006.\u00a0For additional information about the Company, follow\u00a0Canadian Solar\u00a0on\u00a0<a rel=\"noreferrer noopener\" href=\"https:\/\/www.linkedin.com\/company\/canadian-solar-inc-\/\" target=\"_blank\">LinkedIn\u00a0<\/a>or visit\u00a0<a rel=\"noreferrer noopener\" href=\"http:\/\/www.canadiansolar.com\/\" target=\"_blank\">www.canadiansolar.com<\/a>.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Safe Harbor\/Forward-Looking Statements<\/strong><\/p>\n\n\n\n<p>Certain statements in this press release, including those regarding the Company&#8217;s expected future shipment volumes, revenues, gross margins and project sales are forward-looking statements that involve a number of risks and uncertainties that could cause actual results to differ materially. These statements are made under the &#8220;Safe Harbor&#8221; provisions of the\u00a0U.S.\u00a0Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as &#8220;believes,&#8221; &#8220;expects,&#8221; &#8220;anticipates,&#8221; &#8220;intends,&#8221; &#8220;estimates,&#8221; the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include general business, regulatory and economic conditions and the state of the solar and battery storage market and industry; geopolitical tensions and conflicts, including impasses, sanctions and export controls; volatility, uncertainty, delays and disruptions related to the COVID-19 pandemic; supply chain disruptions; governmental support for the deployment of solar power; future available supplies of high-purity silicon; demand for end-use products by consumers and inventory levels of such products in the supply chain; changes in demand from significant customers; changes in demand from major markets such as\u00a0Japan, the\u00a0U.S.,\u00a0China,\u00a0Brazil\u00a0and\u00a0Europe; changes in effective tax rates; changes in customer order patterns; changes in product mix; changes in corporate responsibility, especially environmental, social and governance (&#8220;ESG&#8221;) requirements; capacity utilization; level of competition; pricing pressure and declines in or failure to timely adjust average selling prices; delays in new product introduction; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; continued success in technological innovations and delivery of products with the features that customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange and inflation rate fluctuations; uncertainties related to the\u00a0CSI Solar\u00a0carve-out listing; litigation and other risks as described in the Company&#8217;s filings with the\u00a0Securities and Exchange Commission, including its annual report on Form 20-F filed on\u00a0April 28, 2022, as amended on\u00a0October 18, 2022. 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. Investors should not place undue reliance on these forward-looking statements. All information provided in this press release is as of today&#8217;s date, unless otherwise stated, and\u00a0Canadian Solar\u00a0undertakes no duty to update such information, except as required under applicable law.<\/p>\n\n\n\n<div style=\"height:25px\" aria-hidden=\"true\" class=\"wp-block-spacer\"><\/div>\n\n\n\n<p><strong>Investor Relations Contacts:<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td>Isabel ZhangInvestor RelationsCanadian Solar Inc.<a href=\"mailto:investor@canadiansolar.com\" target=\"_blank\" rel=\"noreferrer noopener\">investor@canadiansolar.com<\/a><\/td><td>David PasqualeGlobal IR PartnersTel: +1-914-337-8801<a href=\"mailto:csiq@globalirpartners.com\" target=\"_blank\" rel=\"noreferrer noopener\">csiq@globalirpartners.com<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n<p><strong>FINANCIAL TABLES FOLLOW<\/strong><\/p>\n\n\n\n<p><strong>The following tables provide unaudited select financial data for the Company&#8217;s&nbsp;CSI Solar&nbsp;and Global Energy businesses.<\/strong><\/p>\n\n\n\n<figure class=\"wp-block-table\"><table><tbody><tr><td><\/td><td><strong>Select Financial Data \u2013&nbsp;CSI Solar&nbsp;and Global Energy<\/strong><\/td><\/tr><tr><td><\/td><td><strong>Three Months Ended&nbsp;December 31, 2022<br>(In Thousands of&nbsp;U.S.&nbsp;Dollars, Except Percentages)<\/strong><\/td><\/tr><tr><td><\/td><td><strong>CSI Solar<\/strong><\/td><td><strong>Global<br><\/strong><strong>Energy<\/strong><\/td><td><strong>Elimination<br>and<br>unallocated<br>items<sup>&nbsp;(1)<\/sup><\/strong><\/td><td><strong>Total<\/strong><\/td><\/tr><tr><td>Net revenues&nbsp;<\/td><td>1,976,045<\/td><td>73,650<\/td><td>(78,099)<\/td><td>1,971,596<\/td><\/tr><tr><td>Cost of revenues<\/td><td>1,631,417<\/td><td>57,686<\/td><td>(66,136)<\/td><td>1,622,967<\/td><\/tr><tr><td>Gross profit<\/td><td>344,628<\/td><td>15,964<\/td><td>(11,963)<\/td><td>348,629<\/td><\/tr><tr><td>Gross margin<\/td><td>17.4&nbsp;%<\/td><td>21.7&nbsp;%<\/td><td>\u2014<\/td><td>17.7&nbsp;%<\/td><\/tr><tr><td>Income (loss) from<br>&nbsp; &nbsp;operations&nbsp;<sup>(2)<\/sup><\/td><td>152,529<\/td><td>(1,351)<\/td><td>(15,416)<\/td><td>135,762<\/td><\/tr><tr><td><\/td><td><strong>Select Financial Data \u2013&nbsp;CSI Solar&nbsp;and Global Energy<\/strong><\/td><\/tr><tr><td><\/td><td><strong>Twelve Months Ended&nbsp;December 31, 2022<br>(In Thousands of&nbsp;U.S.&nbsp;Dollars, Except Percentages)<\/strong><\/td><\/tr><tr><td><\/td><td><strong>CSI Solar<\/strong><\/td><td><strong>Global<br><\/strong><strong>Energy<\/strong><\/td><td><strong>Elimination<br>and<br>unallocated<br>items<sup>&nbsp;(1)<\/sup><\/strong><\/td><td><strong>Total<\/strong><\/td><\/tr><tr><td>Net revenues&nbsp;<\/td><td>6,975,612<\/td><td>821,525<\/td><td>(328,527)<\/td><td>7,468,610<\/td><\/tr><tr><td>Cost of revenues<\/td><td>5,824,855<\/td><td>660,161<\/td><td>(279,542)<\/td><td>6,205,474<\/td><\/tr><tr><td>Gross profit<\/td><td>1,150,757<\/td><td>161,364<\/td><td>(48,985)<\/td><td>1,263,136<\/td><\/tr><tr><td>Gross margin<\/td><td>16.5&nbsp;%<\/td><td>19.6&nbsp;%<\/td><td>\u2014<\/td><td>16.9&nbsp;%<\/td><\/tr><tr><td>Income from<br>&nbsp; &nbsp;operations&nbsp;<sup>(2)<\/sup><\/td><td>343,798<\/td><td>80,364<\/td><td>(68,101)<\/td><td>356,061<\/td><\/tr><tr><td><\/td><td><strong>Select Financial Data \u2013&nbsp;CSI Solar&nbsp;and Global Energy<\/strong><\/td><\/tr><tr><td><\/td><td><strong>Three Months Ended&nbsp;December 31, 2021<br>(In Thousands of&nbsp;U.S.&nbsp;Dollars, Except Percentages)<\/strong><\/td><\/tr><tr><td><\/td><td><strong>CSI Solar<\/strong><\/td><td><strong>Global<br><\/strong><strong>Energy<\/strong><\/td><td><strong>Elimination<br>and<br>unallocated<br>items<sup>&nbsp;(1)<\/sup><\/strong><\/td><td><strong>Total<\/strong><\/td><\/tr><tr><td>Net revenues&nbsp;<\/td><td>1,343,278<\/td><td>232,418<\/td><td>(46,977)<\/td><td>1,528,719<\/td><\/tr><tr><td>Cost of revenues<\/td><td>1,056,750<\/td><td>224,359<\/td><td>(53,684)<\/td><td>1,227,425<\/td><\/tr><tr><td>Gross profit<\/td><td>286,528<\/td><td>8,059<\/td><td>6,707<\/td><td>301,294<\/td><\/tr><tr><td>Gross margin<\/td><td>21.3&nbsp;%<\/td><td>3.5&nbsp;%<\/td><td>\u2014<\/td><td>19.7&nbsp;%<\/td><\/tr><tr><td>Income (loss) from<br>&nbsp; &nbsp;operations&nbsp;<sup>(2)<\/sup><\/td><td>81,559<\/td><td>(14,728)<\/td><td>594<\/td><td>67,425<\/td><\/tr><tr><td><\/td><td><strong>Select Financial Data \u2013&nbsp;CSI Solar&nbsp;and Global Energy<\/strong><\/td><\/tr><tr><td><\/td><td><strong>Twelve Months Ended&nbsp;December 31, 2021&nbsp;<\/strong><strong>(In Thousands of&nbsp;U.S.&nbsp;Dollars, Except Percentages)<\/strong><\/td><\/tr><tr><td><\/td><td><strong>CSI Solar<\/strong><\/td><td><strong>Global<br><\/strong><strong>Energy<\/strong><\/td><td><strong>Elimination<br>and<br>unallocated<br>items<sup>&nbsp;(1)<\/sup><\/strong><\/td><td><strong>Total<\/strong><\/td><\/tr><tr><td>Net revenues&nbsp;<\/td><td>4,371,603<\/td><td>1,124,083<\/td><td>(218,517)<\/td><td>5,277,169<\/td><\/tr><tr><td>Cost of revenues<\/td><td>3,689,126<\/td><td>930,099<\/td><td>(251,368)<\/td><td>4,367,857<\/td><\/tr><tr><td>Gross profit<\/td><td>682,477<\/td><td>193,984<\/td><td>32,851<\/td><td>909,312<\/td><\/tr><tr><td>Gross margin<\/td><td>15.6&nbsp;%<\/td><td>17.3&nbsp;%<\/td><td>\u2014<\/td><td>17.2&nbsp;%<\/td><\/tr><tr><td>Income from<br>&nbsp; &nbsp;operations&nbsp;<sup>(2)<\/sup><\/td><td>74,132<\/td><td>97,179<\/td><td>19,070<\/td><td>190,381<\/td><\/tr><tr><td><\/td><\/tr><\/tbody><\/table><figcaption><sup>(1)<\/sup>\u00a0Includes inter-segment elimination, and unallocated corporate costs not considered part of management&#8217;s evaluation of business segment operating performance.<br><sup>(2)<\/sup>\u00a0Income (loss) from operations reflects management&#8217;s allocation and estimate as some services are shared by the Company&#8217;s two business segments.<\/figcaption><\/figure>\n\n\n<figure class=\"wp-block-table\">\n<table>\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"4\"><strong>Select Financial Data &#8211;\u00a0CSI Solar\u00a0and Global Energy<\/strong><\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td style=\"text-align: center;\"><strong>Three Months<br \/>Ended<\/strong><strong>December 31, 2022<\/strong><\/td>\n<td><strong>Three Months<br \/>Ended<\/strong><strong>September 30, 2022<\/strong><\/td>\n<td><strong>Three Months<br \/>Ended<\/strong><strong>December 31,<\/strong><strong>2021<\/strong><\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td style=\"text-align: center;\" colspan=\"3\"><strong>(In Thousands of\u00a0U.S.\u00a0Dollars)<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>CSI Solar<\/strong><strong>\u00a0Revenues:<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>Solar modules<\/td>\n<td>1,642,144<\/td>\n<td>1,578,695<\/td>\n<td>1,060,303<\/td>\n<\/tr>\n<tr>\n<td>Solar system kits<\/td>\n<td>157,845<\/td>\n<td>139,091<\/td>\n<td>79,085<\/td>\n<\/tr>\n<tr>\n<td>Utility-scale battery storage<\/td>\n<td>48,992<\/td>\n<td>81,100<\/td>\n<td>88,430<\/td>\n<\/tr>\n<tr>\n<td>Residential battery storage<\/td>\n<td>686<\/td>\n<td>\u2014<\/td>\n<td>\u2014<\/td>\n<\/tr>\n<tr>\n<td>China\u00a0energy\/EPC (incl. electricity sales)<\/td>\n<td>20,933<\/td>\n<td>4,058<\/td>\n<td>55,051<\/td>\n<\/tr>\n<tr>\n<td>Others<\/td>\n<td>27,346<\/td>\n<td>28,610<\/td>\n<td>13,432<\/td>\n<\/tr>\n<tr>\n<td><strong>Subtotal<\/strong><\/td>\n<td>1,897,946<\/td>\n<td>1,831,554<\/td>\n<td>1,296,301<\/td>\n<\/tr>\n<tr>\n<td><strong>Global\u00a0<\/strong><strong>Energy Revenues:<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>Solar and battery storage projects<\/td>\n<td>58,504<\/td>\n<td>84,725<\/td>\n<td>218,509<\/td>\n<\/tr>\n<tr>\n<td>O&amp;M\u00a0and asset management\u00a0services<\/td>\n<td>8,087<\/td>\n<td>9,996<\/td>\n<td>8,730<\/td>\n<\/tr>\n<tr>\n<td>Others (incl. electricity sales)<\/td>\n<td>7,059<\/td>\n<td>6,204<\/td>\n<td>5,179<\/td>\n<\/tr>\n<tr>\n<td><strong>Subtotal<\/strong><\/td>\n<td>73,650<\/td>\n<td>100,925<\/td>\n<td>232,418<\/td>\n<\/tr>\n<tr>\n<td><strong>Total net revenues<\/strong><\/td>\n<td>1,971,596<\/td>\n<td>1,932,479<\/td>\n<td>1,528,719<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n\n<figure class=\"wp-block-table\">\n<table>\n<tbody>\n<tr>\n<td style=\"text-align: center;\" colspan=\"3\"><strong>Select Financial Data &#8211;\u00a0CSI Solar\u00a0and Global Energy<\/strong><\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td style=\"text-align: center;\"><strong>Twelve Months Ended<\/strong><strong>December 31, 2022<\/strong><\/td>\n<td style=\"text-align: center;\"><strong>Twelve Months Ended<\/strong><strong>December 31, 2021<\/strong><\/td>\n<\/tr>\n<tr>\n<td>\u00a0<\/td>\n<td style=\"text-align: center;\" colspan=\"2\"><strong>(In Thousands of\u00a0U.S.\u00a0Dollars)<\/strong><\/td>\n<\/tr>\n<tr>\n<td><strong>CSI Solar<\/strong><strong>\u00a0Revenues:<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>Solar modules<\/td>\n<td style=\"text-align: center;\">5,534,379<\/td>\n<td style=\"text-align: center;\">3,328,301<\/td>\n<\/tr>\n<tr>\n<td>Solar system kits<\/td>\n<td style=\"text-align: center;\">538,157<\/td>\n<td style=\"text-align: center;\">302,133<\/td>\n<\/tr>\n<tr>\n<td>Utility-scale battery storage<\/td>\n<td style=\"text-align: center;\">440,030<\/td>\n<td style=\"text-align: center;\">222,655<\/td>\n<\/tr>\n<tr>\n<td>Residential battery storage<\/td>\n<td style=\"text-align: center;\">686<\/td>\n<td style=\"text-align: center;\">\u2014<\/td>\n<\/tr>\n<tr>\n<td>China\u00a0energy\/EPC (incl. electricity sales)<\/td>\n<td style=\"text-align: center;\">35,711<\/td>\n<td style=\"text-align: center;\">178,830<\/td>\n<\/tr>\n<tr>\n<td>Others<\/td>\n<td style=\"text-align: center;\">98,122<\/td>\n<td style=\"text-align: center;\">121,167<\/td>\n<\/tr>\n<tr>\n<td><strong>Subtotal<\/strong><\/td>\n<td style=\"text-align: center;\">6,647,085<\/td>\n<td style=\"text-align: center;\">4,153,086<\/td>\n<\/tr>\n<tr>\n<td><strong>Global\u00a0<\/strong><strong>Energy Revenues:<\/strong><\/td>\n<td>\u00a0<\/td>\n<td>\u00a0<\/td>\n<\/tr>\n<tr>\n<td>Solar and battery storage power projects<\/td>\n<td style=\"text-align: center;\">761,677<\/td>\n<td style=\"text-align: center;\">1,064,178<\/td>\n<\/tr>\n<tr>\n<td>O&amp;M\u00a0and asset management\u00a0services<\/td>\n<td style=\"text-align: center;\">33,776<\/td>\n<td style=\"text-align: center;\">35,334<\/td>\n<\/tr>\n<tr>\n<td>Others (incl. electricity sales)<\/td>\n<td style=\"text-align: center;\">26,072<\/td>\n<td style=\"text-align: center;\">24,571<\/td>\n<\/tr>\n<tr>\n<td><strong>Subtotal<\/strong><\/td>\n<td style=\"text-align: center;\">821,525<\/td>\n<td style=\"text-align: center;\">1,124,083<\/td>\n<\/tr>\n<tr>\n<td><strong>Total net revenues<\/strong><\/td>\n<td style=\"text-align: center;\">7,468,610<\/td>\n<td style=\"text-align: center;\">5,277,169<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/figure>\n\n\n<p id=\"PURL\"><img loading=\"lazy\" decoding=\"async\" width=\"12\" height=\"12\" alt=\"Cision\" src=\"https:\/\/c212.net\/c\/img\/favicon.png?sn=CN47748&amp;sd=2023-03-21\">&nbsp;View original content:<a rel=\"noreferrer noopener\" href=\"https:\/\/www.prnewswire.com\/news-releases\/canadian-solar-reports-fourth-quarter-and-full-year-2022-results-301777140.html\" target=\"_blank\">https:\/\/www.prnewswire.com\/news-releases\/canadian-solar-reports-fourth-quarter-and-full-year-2022-results-301777140.html<\/a><\/p>\n\n\n\n<p>SOURCE&nbsp;Canadian Solar Inc.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>GUELPH, ON,&nbsp;March 21, 2023&nbsp;\/PRNewswire\/ &#8212;&nbsp;Canadian Solar Inc.&nbsp;(&#8220;Canadian Solar [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1204","post","type-post","status-publish","format-standard","hentry","category-results"],"_links":{"self":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/1204","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/comments?post=1204"}],"version-history":[{"count":3,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/1204\/revisions"}],"predecessor-version":[{"id":1207,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/posts\/1204\/revisions\/1207"}],"wp:attachment":[{"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/media?parent=1204"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/categories?post=1204"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadiansolar-energy.co.jp\/en\/news_release\/wp-json\/wp\/v2\/tags?post=1204"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}