KITCHENER, ON, June 23, 2026 /PRNewswire/ -- Canadian Solar Inc. (the "Company" or "Canadian Solar") (NASDAQ: CSIQ) today announced that e-STORAGE, its energy storage solutions business, has entered into an agreement with Axpo subsidiary to deploy an 8 MW/40 MWh battery energy storage system (BESS) in southern Italy. This marks e-STORAGE's first project in Italy, a further step in its expansion across continental Europe.

Construction at Axpo's Rizziconi power plant in Calabria is scheduled to begin at the end of 2026, with grid connection and commercial operation expected in early 2028. The battery storage system will be installed at Axpo's existing combined-cycle gas power plant in Rizziconi, Calabria, leveraging its established grid interconnection to provide flexibility and balancing services.

Under the agreement, e-STORAGE will deliver a complete and integrated solution that combines SolBank 3.0 battery blocks, power conversion systems, and the company's proprietary EQ-S Energy Management System into a single coordinated system under one accountable partner. The battery cells and 5 MWh capacity SolBank 3.0 pack systems are developed and manufactured at Canadian Solar's own production facilities, providing customers with complete supply chain visibility. Today's announced installation marks the first milestone in a wider partnership between e-STORAGE and Axpo, with both firms planning to strengthen their collaboration in the years ahead.

The Rizziconi project is a specific response to conditions in southern Italy, where rising solar output regularly exceeds what the network can absorb by midday. Historically, Calabria has faced higher power costs and weaker grid connectivity than northern Italy, which makes local flexibility especially valuable. The e-STORAGE system will capture solar energy that would otherwise be wasted and return it to the grid when needed. This will ease the pressure on a constrained network and help lower the cost of electricity for a region of Italy that has long depended on distant supplies of energy from the north and elsewhere.

Frank Amend, Axpo Group Head of Batteries & Hybrid Systems, said: "We are excited to begin the construction of our first BESS project in Italy. This will be an important addition to our portfolio as we execute our ambitious BESS strategy to strengthen grid flexibility and advance the energy transition in Europe. We are also excited to partner with e-STORAGE on this project. Their integrated approach aligns with our commitment to delivering reliable and innovative energy solutions across Europe."

Jeff Roy, President of e-STORAGE, added: "To enter one of Europe's most dynamic storage markets through an integrated project like this proves just how effectively our technology can adapt to real grid needs. We are pleased to begin our partnership with Axpo in Italy and see this agreement as the foundation for a longer-term collaboration supporting customers across Europe."

About Axpo

Axpo is driven by a single purpose – to enable a sustainable future through innovative energy solutions. Axpo is Switzerland's largest energy producer and an international leader in energy trading and the marketing of solar and wind power. Axpo combines the experience and expertise of about 7,500 employees who are driven by a passion for innovation, collaboration and impactful change. Using cutting-edge technologies, Axpo innovates to meet the evolving needs of its customers in more than 30 countries across Europe, North America and Asia.

About Canadian Solar Inc.

Canadian Solar is one of the world's largest solar technology and renewable energy companies. Founded in 2001 and headquartered in Kitchener, Ontario, the Company is a leading manufacturer of solar photovoltaic modules; provider of solar energy and battery energy storage solutions; and developer, owner, and operator of utility-scale solar power and battery energy storage projects. Over the past 25 years, Canadian Solar has successfully delivered nearly 177 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar had shipped over 20 GWh of battery energy storage solutions to global markets as of March 31, 2026, and had a $3.5 billion contracted backlog as of May 8, 2026. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 12.2 GWp of solar power projects and 6.4 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 24 GWp of solar and 81 GWh of battery energy storage capacity in various stages of 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.

About e-STORAGE

e-STORAGE is a subsidiary of Canadian Solar and a leading company specializing in designing, manufacturing, and integrating battery energy storage systems for utility-scale applications. e-STORAGE offers proprietary battery energy storage solutions, comprehensive EPC services, and innovative solutions aimed at improving grid operations. For more info, please refer to the Media&PR section of www.csestorage.com and follow our LinkedIn page.

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 "may", "will", "expect", "anticipate", "future", "ongoing", "continue", "intend", "plan", "potential", "prospect", "guidance", "believe", "estimate", "is/are likely to" or similar expressions, the negative of these terms, or other comparable terminology. These forward-looking statements include, among other things, our expectations regarding global electricity demand and the adoption of solar and battery energy storage technologies; our growth strategies, future business performance, and financial condition; our transition to a long-term owner and operator of clean energy assets and expansion of project pipelines; our ability to monetize project portfolios, manage supply chain fluctuations, and respond to economic factors such as inflation and interest rates; our outlook on government incentives, trade measures, regulatory developments, and geopolitical risks; our expectations for project timelines, costs, and returns; competitive dynamics in solar and storage markets; our ability to execute supply chain, manufacturing, and operational initiatives; access to capital, debt obligations, and covenant compliance; relationships with key suppliers and customers; technological advancement and product quality; and risks related to intellectual property, litigation, and compliance with environmental and sustainability regulations. Other risks were described in the Company's filings with the Securities and Exchange Commission, including its annual report on Form 20-F filed on April 10, 2026. 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.

Axpo Holding AG, Corporate Communications
T 0800 44 11 00 (Switzerland), T +41 56 200 41 10 (International)
(Available 7.30 a.m. to 5.30 p.m.)
medien@axpo.com

Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
investor@canadiansolar.com

e-STORAGE media contact
media@csestorage.com

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SOURCE Canadian Solar Inc.