Exhibit 99.1

Canadian Solar Reports Fourth Quarter and Full Year 2023 Results

Guelph, Ontario, March 14, 2024 – Canadian Solar Inc. (“Canadian Solar” or the “Company”) (NASDAQ: CSIQ) today announced financial results for the fourth quarter and full year ended December 31, 2023.

Fourth Quarter and Full Year 2023 Highlights

Dr. Shawn Qu, Chairman and CEO, commented, “Over the past two decades, Canadian Solar has evolved into a leading ‘full stack’ solar and storage business, uniquely positioned for global opportunities. Not only are we addressing market demand with our swift transition to N-type TOPCon (Tunnel Oxide Passivated Contact) solar technology, but we also remain laser focused on strategic markets. Our Texas module factory which began production in late 2023 has been ramping up, and we continue to see strong demand for our U.S.-made products. In addition, we continue to make exciting progress in both our battery energy storage and project development businesses. While e-STORAGE grows and executes on a substantial backlog, Recurrent Energy gains fresh momentum in its business transformation journey through the recently announced partnership with BlackRock. Today, solar represents a hugely underpenetrated and cost-effective form of energy. With the substantial reduction in LCOE (levelized cost of energy) over the last year, solar is more attractive than ever from an investment perspective. Furthermore, with solar and storage at grid parity, we are poised to make solar an even more stable energy source, solidifying its critical role at the forefront of the energy transition.”

Yan Zhuang, President of Canadian Solar’s CSI Solar subsidiary, said, “This year has underscored the resilience and agility of CSI Solar in navigating a complex and evolving market landscape. Despite the challenging conditions, we not only achieved exceptional shipment growth, but also swiftly and effectively managed manufacturing costs to mitigate impacts on our gross margins. As the market undergoes further normalization and consolidation, we see vertical integration, advanced technology, and a robust go-to-market strategy as key to competitive edge. We maintain our strategic long-term investments across vertical integration, TOPCon and other N-type technologies, and our U.S. manufacturing capabilities. Finally, e-STORAGE, with its outstanding track record in execution and safety, remains one of our fastest-growing and most promising business segments, projected to surpass $1 billion in revenue with healthy margins in 2024.”

Ismael Guerrero, CEO of Canadian Solar’s Recurrent Energy subsidiary, said, “The past year has been pivotal for Recurrent Energy, marked by significant milestones that underscore our commitment to driving renewable energy adoption. Notably, in January 2024, we proudly announced a $500 million capital commitment from BlackRock. This investment is instrumental to our transition from a pure developer to a developer plus long-term owner and operator in select markets, enabling a more diversified portfolio and stable, long-term revenue.”

Dr. Huifeng Chang, Senior VP and CFO, added, “In the fourth quarter, we achieved $1.7 billion in revenue and a gross margin of 12.5%. Our disciplined approach to capital expenditure enabled lower-than-expected full year spending of $1.1 billion. Full year net income came in at a record $274 million, and our cash position, standing at $3 billion, provides us with a solid foundation to pursue growth opportunities and strategic investments in the coming year.”

Fourth Quarter 2023 Results

Total module shipments recognized as revenues in the fourth quarter of 2023 were 8.2 GW, up 26% yoy and down 2% qoq. Of the total, 47 MW were shipped to the Company’s own utility-scale solar power projects.

Net revenues in the fourth quarter of 2023 decreased 8% qoq and 14% yoy to $1.7 billion. The sequential decrease primarily reflects a decline in module average selling price (“ASP”), a decline in solar module shipment volume, and lower projects sales, partially offset by higher battery energy storage solutions sales.

Gross profit in the fourth quarter of 2023 was $213 million, down 31% qoq and 39% yoy. Gross margin in the fourth quarter of 2023 was 12.5%, compared to 16.7% in the third quarter of 2023. The gross margin decline was primarily caused by lower module ASPs and an inventory write-down, partially offset by lower manufacturing costs and a higher margin contribution from battery energy storage solutions sales.

Total operating expenses in the fourth quarter of 2023 were $213 million, compared to $225 million in the third quarter of 2023 and $213 million in the fourth quarter of 2022.

Depreciation and amortization charges in the fourth quarter of 2023 were $89 million, compared to $76 million in the third quarter of 2023 and $50 million in the fourth quarter of 2022. The sequential increase was primarily driven by the Company’s continued investment in vertical integration and incremental capacity expansion.

Net interest expense in the fourth quarter of 2023 was $18 million, compared to $11 million in the third quarter of 2023 and $11 million in the fourth quarter of 2022. The sequential increase in net interest expense was attributable to increased financing and comparatively lower interest income.

Net foreign exchange and derivative gain in the fourth quarter of 2023 was less than $1 million, compared to a net loss of $17 million in the third quarter of 2023 and a net loss of $15 million in the fourth quarter of 2022.

Net loss attributable to Canadian Solar in the fourth quarter of 2023 was $1 million, or $0.02 per diluted share, compared to net income of $22 million, or $0.32 per diluted share, in the third quarter of 2023, and net income of $78 million, or $1.11 per diluted share, in the fourth quarter of 2022.

Net cash flow provided by operating activities in the fourth quarter of 2023 was $190 million, compared to $158 million in the third quarter of 2023. The sequential increase in operating cash flow primarily resulted from reduced inventories and increased other payables.

Total debt was $3.6 billion as of December 31, 2023, including $1.9 billion, $1.5 billion, and $0.2 billion related to CSI Solar, Recurrent Energy, and convertible notes respectively. Total debt increased as compared to $3.3 billion as of September 30, 2023 due to incremental borrowings for working capital and additional vertical integration for CSI Solar, and new project development for Recurrent Energy.

Corporate Structure

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

Recurrent Energy Segment

As of January 31, 2024, the Company held a leading position with a total global solar development pipeline of 27 GWp and a battery 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:

In January 2024, the Company announced a $500 million investment from BlackRock. The investment will provide Recurrent Energy with additional capital to grow its high value project development pipeline while executing its strategy to transition from a pure developer to a developer plus long-term owner and operator in select markets including the U.S. and Europe. This transition is expected to create a more diversified portfolio and provide more stable long-term revenue in low-risk currencies and enable Recurrent Energy to create and retain greater value in its own project development pipeline.

The perimeter of the transaction includes the U.S., Canada, Spain, Italy, the U.K., France, the Netherlands, Germany, South Africa, Brazil, Chile, Colombia, Australia, South Korea and Taiwan; and excludes Canadian Solar's project development business in Japan and China, and certain assets in Latin America and Taiwan. Closing of the transaction is subject to regulatory approvals and certain terms and conditions in accordance with the transaction agreements.

The $500 million investment will represent 20% of the outstanding fully diluted shares of Recurrent Energy on an as-converted basis. Canadian Solar will continue to own the remaining majority shares of Recurrent Energy after the closing of the investment.

Project Development Pipeline – Solar

As of January 31, 2024, Recurrent Energy’s total solar project development pipeline was 27.3 GWp, including 1.9 GWp under construction, 5.5 GWp of backlog, and 19.9 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 energy 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 battery 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 594 MWp in construction and 741 MWp in backlog that are owned by or already sold to third parties.

Project Development Pipeline – Battery Energy Storage

As of January 31, 2024, Recurrent Energy’s total battery energy storage project development pipeline was 54.8 GWh, including 3.5 GWh under construction and in backlog, and 51.3 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 January 31, 2024, the solar power plants in operation totaled around 1 GWp, with a combined estimated net resale value of approximately $800 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 600 MWh as of January 31, 2024.

*All numbers are net MWp or MWh owned by Recurrent Energy; total gross MWp of solar projects is 1,798 MWp and total gross battery energy storage projects is 1,720 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 and Solar System Kits

CSI Solar shipped 8.2 GW of solar modules and solar system kits to more than 70 countries in the fourth quarter of 2023. For the fourth quarter of 2023, the top five markets ranked by shipments were China, the U.S., Brazil, Spain, and Pakistan.

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 Energy Storage Solutions

e-STORAGE is CSI Solar’s utility-scale battery energy storage platform. e-STORAGE provides customers with competitive turnkey, integrated, utility-scale battery energy storage solutions, including bankable, end-to-end, utility-scale, turnkey battery energy 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 January 31, 2024, e-STORAGE had a total project turnkey pipeline of around 63 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 3.1 GWh of operating battery energy storage projects contracted under long-term service agreements, all of which were battery energy storage projects previously executed by e-STORAGE.

As of January 31, 2024, 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 first quarter of 2024, the Company expects total revenue to be in the range of $1.2 billion to $1.4 billion. Gross margin is expected to be between 17% and 19%. Total module shipments recognized as revenues by CSI Solar are expected to be in the range of 6.1 GW to 6.4 GW, including approximately 235 MW to the Company’s own projects. Total battery energy storage shipments by CSI Solar in the first quarter are expected to be approximately 1 GWh.

For the full year of 2024, the Company reiterates its prior outlook for CSI Solar’s total module shipments to be in the range of 42 GW to 47 GW and CSI Solar’s 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. The Company’s total revenue is expected to be in the range of $8.5 billion to $9.5 billion.

Dr. Shawn Qu, Chairman and CEO, commented, “Entering 2024, we anticipate a seasonally softer first quarter. As we remain committed to profitable growth, our strategic management of volume is expected to bolster gross margins, while e-STORAGE concurrently drives more meaningful profit contribution. Our optimism toward global market prospects endures, as we project accelerated growth momentum in the latter part of the year. This positive outlook is driven by the clearance of channel inventory in distributed generation markets and burgeoning demand unleashed by emerging markets. Our commitment to long-term growth remains steadfast, as we continue to strengthen our foothold in strategic markets and generate value for our shareholders.”

Recent Developments

Recurrent Energy

On February 27, 2024, Canadian Solar announced the 119 MW Horus Solar Project in Mexico, of which 49 percent of equity interests are owned by its subsidiary Recurrent Energy, closed non-recourse project financing. The non-recourse financing has been provided by Korea Eximbank (KEXIM), the official export credit agency of South Korea, and KEB Hana Bank, one of South Korea’s largest banks. The project reached Commercial Operation Date in March 2023 and has been operating since then.

On February 6, 2024, Canadian Solar announced that Recurrent Energy secured $160 million in project financing for its 127 MWdc Bayou Galion Solar project, located in Morehouse Parish in Northeast Louisiana. The project is currently under construction and is expected to be operational by fall 2024. Microsoft Corporation will purchase 100 percent of the energy and renewable energy credits produced by Bayou Galion Solar to support its goal to be carbon negative by 2030.

On January 23, 2024, Canadian Solar announced that Recurrent Energy B.V. secured a $500 million preferred equity investment commitment, convertible into common equity, from BlackRock through a fund managed by its Climate Infrastructure business. The $500 million investment will represent 20% of the outstanding fully diluted shares of Recurrent Energy on an as-converted basis. Canadian Solar will continue to own the remaining majority shares of Recurrent Energy after the closing of the investment.

On January 8, 2024, Canadian Solar announced that Recurrent Energy completed the sale of its 100 MW / 200 MWh Mannum battery energy storage project in South Australia to Epic Energy. Recurrent Energy is the developer of the Mannum project, and Canadian Solar’s e-STORAGE will provide its SolBank battery energy storage solution for the project. The project is expected to start construction in the first half of 2024 and reach commercial operation in 2025.

On November 14, 2023, Canadian Solar announced that Recurrent Energy received in full 490 million Brazilian reais (approximately $100 million) of non-recourse project financing for its 300 MW Ciranda Solar Power Cluster in Brazil. Completed in August 23, 2023, the Ciranda Cluster was developed by Recurrent Energy, who is the long-term owner and operator of Ciranda Cluster.

CSI Solar

On March 4, 2024, Canadian Solar announced its partnership with Sol Systems, a leading renewable energy company based in Washington, D.C., to scale new solar module production and procurement in the United States. Canadian Solar secured a framework agreement to provide Sol Systems with a significant supply of N-type TOPCon solar modules from Canadian Solar’s newly ramped Texas module factory to support Sol System’s project pipeline in the U.S. between 2024 and 2025.

On February 29, 2024, Canadian Solar announced its pivotal role in powering the Super Bowl LVIII at Allegiant Stadium in Las Vegas, Nevada by supplying 275 MW or 600 thousand solar modules to EDF Renewables’ Arrow Canyon project. The first-ever Super Bowl powered entirely by renewable energy, this historic event sourced electricity from the Arrow Canyon solar and battery energy storage project developed, owned, and operated by EDF Renewables.

On February 15, 2024, Canadian Solar announced it was awarded the “Top Brand PV Award USA 2024” by EUPD Research, a globally renowned authority in market research. This accolade stands as the epitome of recognition and prestige in the global PV industry, symbolizing reliability and trust within target customer groups and among business partners.

On December 12, 2023, Canadian Solar announced that e-STORAGE, which is part of its majority-owned subsidiary CSI Solar, is expected to deliver 220 MWh DC of battery energy storage solutions to a standalone battery energy storage project owned by Epic Energy in Mannum, South Australia. The Mannum project is being developed by Canadian Solar through its wholly-owned subsidiary Recurrent Energy. E-STORAGE plans to begin construction on the Mannum project in the second quarter of 2024.

On December 7, 2023, Canadian Solar announced that e-STORAGE was awarded by Copenhagen Infrastructure Partners Flagship Funds, a supply and integration contract for a 500 MW / 1,170 MWh DC of battery energy storage solutions for the funds’ Coalburn 1 Project, in Scotland, U.K. The Coalburn 1 project is set to become the largest battery energy storage project in the U.K. and is scheduled for installation by the first quarter of 2025.

On December 6, 2023, Canadian Solar announced that e-STORAGE is expected to deliver 226 MWh DC of turnkey battery energy storage solutions to ENGIE in the U.K. (Scotland). Both sites are scheduled to reach grid connection in early 2025.

On November 27, 2023, Canadian Solar announced that e-STORAGE was selected as the preferred supplier for EPC and O&M by Copenhagen Infrastructure Partners (CIP) to deliver CIP’s Summerfield battery energy storage project in South Australia. The Summerfield battery energy storage project is a 2-hour 240 MW (480 MWh) DC battery energy storage solution. The project is scheduled for installation in 2025 and will incorporate e-STORAGE's SolBank battery technology.

Conference Call Information

The Company will hold a conference call on Thursday, March 14, 2024, at 8:00 a.m. U.S. Eastern Daylight Time (8:00 p.m., Thursday, March 14, 2024, in Hong Kong) to discuss its fourth quarter and full year 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 13744234. A live webcast of the conference call will also be available on the investor relations section of Canadian Solar's website.

A replay of the call will be available after the conclusion of the call until 11:00 p.m. U.S. Eastern Daylight Time on Thursday, March 28, 2024 (11:00 a.m. March 29, 2024, 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 13744234. 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 energy storage solutions, and developer of utility-scale solar power and battery energy storage projects with a geographically diversified pipeline in various stages of development. Over the past 22 years, Canadian Solar has successfully delivered over 118 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 10 GWp of solar power projects and 3.3 GWh of battery energy storage projects across the world. Currently, the Company has approximately 1 GWp of solar power projects in operation, 7.4 GWp of projects under construction or in backlog (late-stage), and an additional 19.9 GWp of projects in advanced and early-stage pipeline. In addition, the Company has 600 MWh of battery energy storage projects in operation and a total battery energy storage project development pipeline of approximately 55 GWh, including approximately 3.5 GWh under construction or in backlog, and an additional 51 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 energy 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.

Canadian Solar Inc.

Unaudited Condensed Consolidated Statements of Operations

(In Thousands of U.S. Dollars, Except Share and Per Share Data)  

Canadian Solar Inc.
Unaudited Condensed Consolidated Statement of Comprehensive Income (Loss)
(In Thousands of U.S. Dollars)

Canadian Solar Inc.

Unaudited Condensed Consolidated Balance Sheets

(In Thousands of U.S. Dollars)

Canadian Solar Inc.

Unaudited Condensed Consolidated Balance Sheets (Continued)

(In Thousands of U.S. Dollars)  

Canadian Solar Inc.
Unaudited Condensed Statements of Cash Flows
(In Thousands of U.S. Dollars)