Exhibit 99.1

Canadian Solar Reports Third Quarter 2023 Results

Guelph, Ontario, November 14, 2023 – Canadian Solar Inc. (“Canadian Solar” or the “Company”) (NASDAQ: CSIQ) today announced financial results for the third quarter ended September 30, 2023.

Third Quarter Highlights

Dr. Shawn Qu, Chairman and CEO, commented, “We delivered solid profitability in the third quarter of 2023 with continued progress on our capacity diversification, despite lower-than-expected market demand growth due to the higher interest rate environment driving higher inventories in certain markets. We significantly ramped up our capacity in the latest N-type TOPCon cell technology, which now accounts for half of our total cell capacity and is expected to reach 60% by the end of 2023. We continued to make strategic, long-term investments in key premium markets, including the recent announcement of our 5 GW solar cell facility in Jeffersonville, Indiana, and our 5 GW solar wafer facility in Thailand, both of which will serve U.S. customers. These will complement our 5 GW solar module facility in Mesquite, Texas, which is set to start production in a few weeks. As we navigate through short-term cyclical market fluctuations, our goal remains consistent which is to build on our long-term competitive position in a rapidly growing global market and deliver sustainable value for our shareholders.”

Yan Zhuang, President of Canadian Solar’s CSI Solar subsidiary, said, “CSI Solar achieved shipment growth and healthy margin improvement in the third quarter of 2023 despite the challenging market conditions. CSI Solar’s gross and operating margins improved sequentially driven by lower manufacturing costs as we were able to achieve a higher level of vertical integration. This was notwithstanding TOPCon capacity ramp up costs incurred during the quarter, and further rapid declines in solar module prices, which led to an inventory write-down of modules in warehouses intended for certain distributed generation markets. On the utility scale storage side of the business, e-STORAGE has continued to grow, with our total contracted backlog increasing to $2.6 billion, including an impressive $520 million in additional new contracts signed since June 30, 2023. We expect to deliver at least half of these contracts in 2024, making it a record year for e-STORAGE. We strive to provide our customers with the most competitive solution in the market with our relentless focus on quality, safety, value-creation, and end-to-end execution.”

Ismael Guerrero, CEO of Canadian Solar’s Recurrent Energy subsidiary, said, “As expected, revenue in the third quarter of 2023 was sequentially lower for our Recurrent Energy business. We monetized the 18 MWp Hiroshima Suzuhari project in Japan and several smaller but collectively meaningful projects in Taiwan. Separately, it was a big quarter for our execution teams. Nearly 300 MWp of projects in the U.S. closed $312 million in financing during the quarter, both tax equity and project financing, and are currently under construction. As we continue to execute on our strategy to create and retain the value of the projects that we develop, we are shifting and adding resources to deliver an increased number of the highest quality projects in the market. We expect that this will drive growth of our base of stable, predictable, and profitable cash flows, while generating greater long-term value for shareholders.”

Dr. Huifeng Chang, Senior VP and CFO, added, “In the third quarter of 2023, we generated $1.8 billion in net revenues, a 16.7% gross margin, and net income of $0.32 per diluted share. We generated $158 million in operating cash, as we continue to prioritize cash flow generation and manage inventory levels accordingly. We ended the quarter with a cash position of nearly $3 billion, which we expect to deploy prudently in our long-term strategic growth plans.”

Third Quarter 2023 Results

Total module shipments recognized as revenues in the third quarter of 2023 were 8.3 GW, up 39% yoy and 1% qoq. Of the total, 82 MW were shipped to the Company’s own utility-scale solar power projects.

Net revenues in the third quarter of 2023 decreased 22% qoq and 4% yoy to $1.8 billion. The sequential decrease reflects lower project sales during the quarter and a decline in module average selling price (“ASP”), partially offset by higher solar module shipment volumes.

Gross profit in the third quarter of 2023 was $308 million, down 30% qoq and 15% yoy. Gross margin in the third quarter of 2023 was 16.7%, compared to 18.6% in the second quarter of 2023. The gross margin decline was primarily driven by lower margin contribution from project sales and lower module ASPs, partially offset by lower manufacturing costs.

Total operating expenses in the third quarter of 2023 were $225 million, compared to $216 million in the second quarter of 2023 and $274 million in the third quarter of 2022. The sequential increase was driven by higher transportation, TOPCon production ramp up and R&D costs, which were partially offset by a sequential reduction in share-based compensation following the successful CSI Solar IPO in the second quarter of 2023.

Depreciation and amortization charges in the third quarter of 2023 were $76 million, compared to $73 million in the second quarter of 2023 and $56 million in the third quarter of 2022. The sequential increase was primarily driven by the Company’s continued capacity expansion.

Net interest expense in the third quarter of 2023 was $11 million, compared to net interest expense of $21 million in the second quarter of 2023 and net interest income of $4 million in the third quarter of 2022. The sequential decrease in net interest expense was due to higher interest income on the Company’s cash balance.

Net foreign exchange and derivative loss in the third quarter of 2023 was $17 million, compared to a net gain of $34 million in the second quarter of 2023 and a net gain of $39 million in the third quarter of 2022. The net foreign exchange and derivative loss was mainly due to weaker Euro relative to the U.S. Dollar and hedging losses on Renminbi.

Net income attributable to Canadian Solar in the third quarter of 2023 was $22 million, or $0.32 per diluted share, compared to net income of $170 million, or $2.39 per diluted share, in the second quarter of 2023, and net income of $78 million, or $1.12 per diluted share, in the third quarter of 2022.

Net cash flow provided by operating activities in the third quarter of 2023 was $158 million, compared to $290 million in the second quarter of 2023. The sequential decrease in operating cash flow primarily resulted from lower net profit.

Total debt was $3.3 billion as of September 30, 2023, including $1,720 million, $1,381 million, and $227 million related to CSI Solar, Recurrent Energy and convertible bonds respectively. Total debt remained unchanged compared to $3.3 billion as of June 30, 2023.

Corporate Structure

The Company has two business segments: Recurrent Energy, formerly Global Energy, and CSI Solar. The two businesses operate as follows:

Recurrent Energy Segment (formerly Global Energy)

As of September 30, 2023, the Company held a leading position with a total global solar development pipeline of 26 GWp and an energy storage development pipeline of 55 GWh.

While Recurrent Energy’s business model was historically predominantly develop-to-sell, the Company has been adjusting its strategy to create greater asset value and retain greater ownership of projects in select markets to increase revenues generated through recurring income, such as power sales, operations and maintenance, and asset management income.

The business model will consist of three key drivers:

Recurrent Energy is continuing to evaluate adjustments in its growth strategy to hold valuable solar and storage assets for the longer term.

Project Development Pipeline – Solar

As of September 30, 2023, Recurrent Energy’s total solar project development pipeline was 26.5 GWp, including 1.8 GWp under construction, 6.0 GWp of backlog, and 18.7 GWp of projects in advanced and early-stage pipelines, defined as follows:

While the magnitude of the Company’s project development pipeline is an important indicator of potential expanded power generation and battery storage capacity as well as potential future revenue growth, the development of projects in its pipeline is inherently uncertain. If the Company does not successfully complete the pipeline projects in a timely manner, it may not realize the anticipated benefits of the projects to the extent anticipated, which could adversely affect its business, financial condition, or results of operations. In addition, the Company’s guidance and estimates for its future operating and financial results assume the completion of certain solar projects and energy storage projects that are in its pipeline. If the Company is unable to execute on its actionable pipeline, it may miss its guidance, which could adversely affect the market price of its common shares and its business, financial condition, or results of operations.

The following table presents Recurrent Energy’s total solar project development pipeline.

*All numbers are gross MWp.

**Including 671 MWp in construction and 711 MWp in backlog that are owned by or already sold to third parties.

Project Development Pipeline – Battery Energy Storage

As of September 30, 2023, Recurrent Energy’s total battery energy storage project development pipeline was 54.5 GWh, including 4.6 GWh under construction and in backlog, and 50.0 GWh of projects in advanced and early-stage pipelines.

The table below sets forth Recurrent Energy’s total battery energy storage project development pipeline.

Projects in Operation – Solar and Battery Energy Storage Power Plants (Including Unconsolidated Projects)

As of September 30, 2023, the solar power plants in operation totaled 847 MWp, with a combined estimated net resale value of approximately $740 million. The estimated net resale value is based on selling prices that Recurrent Energy is currently negotiating or comparable asset sales. Battery energy storage plants in operation totaled 594 MWh as of September 30, 2023.

*All numbers are net MWp or MWh owned by Recurrent Energy; total gross MWp of solar projects is 1,294 MWp and total gross battery storage projects is 1,714 MWh, including volume that is already sold to third parties.

Operating Results

The following table presents select unaudited results of operations data of the Recurrent Energy segment for the periods indicated.

* Income (loss) from operations reflects management’s allocation and estimate as some services are shared by the Company’s two business segments.

CSI Solar Segment

Solar Modules

CSI Solar shipped 8.3 GW of solar modules to more than 70 countries in the third quarter of 2023. For the third quarter of 2023, the top five markets ranked by shipments were China, the U.S., Brazil, Spain, and Germany.

CSI Solar’s revised manufacturing capacity expansion targets are set forth below.

*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.

e-STORAGE: Battery Storage Solutions

e-STORAGE, formerly known as CSI Energy Storage, is CSI Solar’s utility-scale battery energy storage platform. e-STORAGE provides customers with competitive turnkey, integrated, utility-scale battery storage solutions, including bankable, end-to-end, utility-scale, turnkey battery storage system solutions across various applications. System performance is complemented with long-term service agreements, which include future battery capacity augmentation services and bring in long-term, stable income.

As of September 30, 2023, e-STORAGE had a total project turnkey pipeline of approximately 43 GWh, which includes both contracted and in-construction projects, as well as projects at different stages of the negotiation process. In addition, e-STORAGE had approximately 2.9 GWh of operating battery storage projects contracted under long-term service agreements, all of which were battery energy storage projects previously executed by e-STORAGE.

Between June 30, 2023 and November 14, 2023, the date of this press release, e-STORAGE signed approximately $520 million in new bookings, including contracted long-term service agreements. As of November 14, 2023, the contracted backlog, including contracted long-term service agreements, was $2.6 billion. These are signed orders with contractual obligations to customers, providing significant earnings visibility over a multi-year period.

The table below sets forth e-STORAGE’s manufacturing capacity expansion targets.

*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.

Operating Results

The following table presents select unaudited results of operations data of the CSI Solar segment for the periods indicated.

*Include effects of both sales to third-party customers and to the Company’s Recurrent Energy segment. Please refer to the attached financial tables for intercompany transaction elimination information. Income from operations reflects management’s allocation and estimate as some services are shared by the Company’s two business segments.

The table below provides the geographic distribution of the net revenues of CSI Solar:

*Excludes sales from CSI Solar to Recurrent Energy.

Business Outlook

The Company’s business outlook is based on management’s current views and estimates given factors such as existing market conditions, order book, production capacity, input material prices, foreign exchange fluctuations, the 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’s views and estimates are subject to change without notice.

For the fourth quarter of 2023, the Company expects total revenue to be in the range of $1.6 billion to $1.8 billion. Gross margin is expected to be between 14% and 16%. Total module shipments recognized as revenues by CSI Solar are expected to be in the range of 7.6 GW to 8.1 GW, including approximately 95 MW to the Company’s own projects. Total battery energy storage shipments by CSI Solar in the fourth quarter are expected to be in the range of 1.4 GWh to 1.5 GWh, of which approximately 720 MWh are expected to generate revenues in early 2024.

For the full year of 2024, the Company expects total module shipments to be in the range of 42 GW to 47 GW and total battery energy storage shipments in the range of 6.0 GWh to 6.5 GWh, including approximately 2 GW and 2.5 GWh respectively to the Company’s own projects.

Dr. Shawn Qu, Chairman and CEO, commented, “We are very excited about our long-term growth prospects and competitive position, which we are further strengthening with our strategic expansion in the U.S. While margins are expected to rebalance over the next couple of quarters driven by further destocking in the distributed generation channels, we see significant pent-up demand due to lower equipment costs and higher and more volatile energy prices, especially once markets successfully adapt to a higher cost of capital environment. We expect e-STORAGE to remain one of our fastest growing businesses with improved profitability, as we anticipate to more than triple the shipments of our utility-scale energy storage solution next year and gain market share in the global energy storage segment.”

Recent Developments

On October 11, 2023, Canadian Solar announced it had been awarded the “Sustainability Reporting of the Year – Global” as part of Environmental Finance’s 2023 Sustainable Company Awards. This award recognized Canadian Solar’s efforts in providing transparent, comparable, and comprehensive sustainability reporting which enables its stakeholders to better understand the Company’s strategy, commitments, and progress towards achieving its sustainability goals.

Recurrent Energy (formerly Global Energy)

On October 17, 2023, Canadian Solar announced the successful placement of JPY18.5 billion green bonds. Goldman Sachs Japan Co., Ltd., was the lead arranger and sole book runner with the domestic bond investors. The private placement has a 3-year tenor with a mix of both semi-annual fixed (1.82% p.a.) and floating (circa 1.49% p.a.) coupons. The Japan Credit Rating Agency, Ltd. ("JCR") has assigned this structured bond with an investment grade rating of "A-". JCR certified the issuer with the highest Green 1 rating under the Japanese Green Bond guidelines. Orix Bank Corporation had been appointed as the trustee.

On September 28, 2023, Canadian Solar announced it completed the sale of its 17.5 MWp Hiroshima Suzuhari operational solar project located in Hiroshima prefecture in Japan to a private Japanese fund. The project had been owned by the Japan Green Infrastructure Fund (“JGIF”) since 2021 and was financed through the issuance of a Green Project Bond with an investment grade rating. Importantly, it was certified with the highest Green 1 rating under the Japanese Green Bond guidelines.

On September 19, 2023, Canadian Solar announced its wholly owned subsidiary Recurrent Energy closed project financing for its 134 MW (100 MWac) Liberty Solar project. Rabobank, Nord LB, and U.S. Bank will provide construction debt, a letter of credit facility and a term facility, totaling $120 million. U.S. Bancorp Impact Finance, a subsidiary of U.S. Bank, will provide the tax equity totaling $80 million. The project is currently under construction in Liberty County, Texas and is expected to commence operation in 2024. Recurrent Energy had secured a power purchase agreement for 100% of the project’s production capacity via an aggregated virtual power purchase agreement.

On August 31, 2023, Canadian Solar announced its wholly owned subsidiary Recurrent Energy secured $112 million in project financing for its 160 MW (120 MWac) North Fork Solar project in Oklahoma. The project is expected to be operational in 2024 and Recurrent Energy will own and operate the project through its power services business. North Fork Solar represents Recurrent Energy’s first project in Oklahoma and first project in the Southwest Power Pool (SPP).

CSI Solar

On November 9, 2023, Canadian Solar announced the establishment of a 5 GW solar PV wafer production facility in Chonburi, Thailand. Production of the facility is planned to begin in March 2024. The solar wafers produced at this facility will initially be used at the existing Thailand TOPCon cell manufacturing plant in the same location. From 2025 onwards and once the previously announced 5 GW U.S. cell factory in Jeffersonville, Indiana, becomes fully operational, these wafers will be used as inputs to Indiana cell factory.

On October 30, 2023, Canadian Solar announced the establishment of a 5 GW solar PV cell production facility at the River Ridge Commerce Center in Jeffersonville, Indiana. The Jeffersonville facility represents a projected investment of more than $800 million and is expected to create approximately 1,200 skilled high-tech jobs once production is fully ramped up. The solar cells produced at this facility will be used at the previously announced 5 GW module assembly plant in Mesquite, Texas. Production at the Jeffersonville facility is expected to begin by the end of 2025.

On October 26, 2023, Canadian Solar announced e-STORAGE, which is part of its majority-owned subsidiary CSI Solar, was awarded a supply and integration contract for 1 GWh DC of energy storage solutions for DEPCOM Power, Inc. and DEPCOM’s customer, Tucson Electric Power, in Arizona.

On September 20, 2023, Canadian Solar announced it successfully finalized approximately 4 GW of solar module contracts during the 2023 RE+ show in Las Vegas. The contracts are expected to be serviced by both its upcoming Texas factory and its expanded Thailand module factory.

On September 11, 2023, Canadian Solar announced it received the “Canadian Solar TOPCon Technology Review Report” from DNV, an esteemed independent third-party expert in product certification, risk management, and assurance. Canadian Solar’s TOPCon 210 mm and 182 mm cell-based bifacial modules have been considered by DNV as having high reliability and low LCOE, reinforcing the economic viability of Canadian Solar’s advanced technology.

Conference Call Information

The Company will hold a conference call on Tuesday, November 14, 2023, at 8:00 a.m. U.S. Eastern Time (9:00 p.m., Tuesday, November 14, 2023, in Hong Kong) to discuss its third quarter 2023 results and business outlook. The dial-in phone number for the live audio call is +1-877-704-4453 (toll-free from the U.S.), 800 965 561 (from Hong Kong), +86 400 120 2840 (local dial-in from Mainland China) or +1-201-389-0920 from international locations. The conference ID is 13742223. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website at www.canadiansolar.com.

A replay of the call will be available approximately 3 hours after the conclusion of the call until 11:00 p.m. U.S. Eastern Time on Tuesday, November 28, 2023 (12:00 p.m. November 29, 2023, in Hong Kong) and can be accessed by dialing +1-844-512-2921 (toll-free from the U.S.) or +1-412-317-6671 from international locations. The replay pin number is 13742223. A webcast replay will also be available on the investor relations section of Canadian Solar's at www.canadiansolar.com.

About Canadian Solar Inc.

Canadian Solar was founded in 2001 in Canada and is one of the world’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, Canadian Solar has successfully delivered over 110 GW of premium-quality, solar photovoltaic modules to customers across the world. Likewise, since entering the project development business in 2010, Canadian Solar has developed, built, and connected around 9.3 GWp of solar power projects and over 3 GWh of battery storage projects across the world. Currently, the Company has around 850 MWp of solar power projects in operation, 7.8 GWp of projects under construction or in backlog (late-stage), and an additional 18.7 GWp of projects in advanced and early-stage pipeline. In addition, the Company has a total battery storage project development pipeline of approximately 55 GWh, including approximately 5 GWh under construction or in backlog, and an additional 50 GWh at advanced and early-stage development. Canadian Solar is one of the most bankable companies in the solar and renewable energy industry, having been publicly listed on the NASDAQ since 2006. For additional information about the Company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements

Certain statements in this press release, including those regarding the Company’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 “Safe Harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as “believes,” “expects,” “anticipates,” “intends,” “estimates,” 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 global pandemics; 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 Japan, the U.S., China, Brazil and Europe; changes in effective tax rates; changes in customer order patterns; changes in product mix; changes in corporate responsibility, especially environmental, social and governance (“ESG”) 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; the pipeline of projects and timelines related to them; the ability of the parties to optimize value of that pipeline; 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; litigation and other risks as described in the Company’s filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 18, 2023. 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’s date, unless otherwise stated, and Canadian Solar undertakes no duty to update such information, except as required under applicable law.

FINANCIAL TABLES FOLLOW

The following tables provide unaudited select financial data for the Company’s CSI Solar and Recurrent Energy businesses.

(1) Includes inter-segment elimination, and unallocated corporate items not considered part of management’s evaluation of business segment operating performance.

(2) Income from operations reflects management’s allocation and estimate as some services are shared by the Company’s two business segments.

(3) Represents interest expenses payable to and interest income earned from third parties.

Canadian Solar Inc.

Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)

(In Thousands of U.S. Dollars)