KITCHENER, ON, March 12, 2025 – Recurrent Energy, a subsidiary of Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ) and a global developer, owner, and operator of solar and energy storage assets, announced today the signing of a Power Purchase Agreement (PPA) with Qualcomm Incorporated, a leading-edge AI technology provider innovating to deliver intelligent computing and connectivity solutions.

Qualcomm entered the PPA to source renewable energy from a solar photovoltaic (PV) project developed by Recurrent Energy in Spain. Recurrent Energy plans to retain ownership and operational responsibilities of the plant upon its completion.

The project is expected to deliver significant local benefits by fostering socio-economic development and reduce the region’s environmental footprint. In particular, it is projected to create more than 300 jobs during the construction phase and provide specialized job training to ensure stable, long-term employment opportunities for the local community.

Ismael Guerrero, CEO of Recurrent Energy, stated, “We are thrilled to partner with Qualcomm through this PPA. This agreement not only reinforces Recurrent Energy’s commitment to developing large-scale renewable energy solutions in Spain but also supports Qualcomm in its mission to achieve its ambitious decarbonization targets. This PPA exemplifies how collaboration between technological innovation and clean energy may drive a more efficient future while fostering environmental and socio-economic progress.”

This project will strengthen Spain’s leadership in renewable energy and support its decarbonization goals. Under this PPA, Recurrent Energy will supply 50,000 MWh annually—enough to power 15,000 households and prevent the release of 8,000 tonnes of CO₂ equivalent emissions each year.

The agreement was successfully facilitated by Trio (formerly known as Altenex Energy), a leading sustainability and energy advisory company, which provided expertise and guidance throughout the process.

About Recurrent Energy:

Recurrent Energy, a subsidiary of Canadian Solar Inc., is one of the world’s largest and most geographically diversified utility-scale solar and energy storage project development, ownership, and operations platforms. With an industry-leading team of in-house energy experts, Recurrent Energy serves as Canadian Solar’s global development and power services business.
To date, Recurrent Energy has successfully developed, built, and connected 11 GWp of solar projects and more than 3 GWh of energy storage projects across six continents. As of December 31, 2024, its global pipeline includes over 28 GWp of solar and 67 GWh of energy storage capacity.

Acerca de Canadian Solar:

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 23 years, Canadian Solar has successfully delivered around 142 GW of premium-quality, solar photovoltaic modules to customers across the world. Through its subsidiary e-STORAGE, Canadian Solar has shipped over 8 GWh of battery energy storage solutions to global markets as of September 30, 2024, boasting a US$3.2 billion contracted backlog as of November 30, 2024. Since entering the project development business in 2010, Canadian Solar has developed, built, and connected approximately 11 GWp of solar power projects and more than 3 GWh of battery energy storage projects globally. Its geographically diversified project development pipeline includes 26 GWp of solar and 66 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.

Safe Harbor/Declaraciones prospectivas:

Ciertas afirmaciones de este comunicado de prensa son previsiones que implican una serie de riesgos e incertidumbres que podrían hacer que los resultados reales difirieran materialmente. Estas declaraciones se realizan conforme a las disposiciones de «Puerto Seguro» de la Ley de Reforma de Litigios sobre Valores Privados de EE.UU. de 1995. En algunos casos, puedes identificar las declaraciones prospectivas por términos como «cree», «espera», «prevé», «pretende», «estima», el negativo de estos términos u otra terminología comparable. Entre los factores que podrían hacer que los resultados reales difirieran se incluyen las condiciones empresariales, normativas y económicas generales y el estado del mercado y la industria de la energía solar y el almacenamiento en baterías; las tensiones y conflictos geopolíticos, incluidos los impasses, las sanciones y los controles de exportación; la volatilidad, incertidumbre, retrasos e interrupciones relacionadas con la pandemia COVID-19 las interrupciones de la cadena de suministro; el apoyo gubernamental al despliegue de la energía solar; los futuros suministros disponibles de silicio de gran pureza; la demanda de productos de uso final por parte de los consumidores y los niveles de existencias de dichos productos en la cadena de suministro; los cambios en la demanda de clientes importantes; los cambios en la demanda de los principales mercados, como Japón, EE.S., China, Brasil y Europa; cambios en los tipos impositivos efectivos; cambios en los patrones de pedidos de los clientes; cambios en la mezcla de productos; cambios en la responsabilidad corporativa, especialmente en los requisitos medioambientales, sociales y de gobernanza («ESG»); utilización de la capacidad; nivel de competencia; presión sobre los precios y descensos o falta de ajuste oportuno de los precios medios de venta; retrasos en la introducción de nuevos productos; retrasos en el proceso de aprobación de proyectos a escala de servicios públicos; retrasos en la construcción de proyectos a escala de servicios públicos; retrasos en la finalización de las ventas de proyectos; éxito continuado en las innovaciones tecnológicas y entrega de productos con las características que demandan los clientes; escasez en el suministro de materiales o requisitos de capacidad; disponibilidad de financiación; fluctuaciones de los tipos de cambio y de inflación; litigios y otros riesgos descritos en los documentos presentados por Canadian Solar ante la Comisión del Mercado de Valores, incluido su informe anual en el formulario 20-F presentado el 26 de abril de 2024. Aunque Canadian Solar y Recurrent Energy creen que las expectativas reflejadas en las declaraciones prospectivas son razonables, no pueden garantizar resultados, nivel de actividad, rendimiento o logros futuros. Los inversores no deben depositar una confianza indebida en estas declaraciones prospectivas. Toda la información proporcionada en este comunicado de prensa es a fecha de hoy, salvo que se indique lo contrario, y Canadian Solar y Recurrent Energy no asumen ninguna obligación de actualizar dicha información, salvo que así lo exija la legislación aplicable.

Canadian Solar Inc. Investor Relations Contact
Wina Huang
Investor Relations
Canadian Solar Inc.
[email protected]

Recurrent Energy Media Inquiries
Inés Arrimadas
Recurrent Energy
[email protected]