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Canadian Solar Announces Closing of Follow-on Offering of Common Shares

ONTARIO, Canada, Oct. 22 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", "Canadian Solar" or "we") (Nasdaq: CSIQ) today announced the closing of its previously announced follow-on offering of common stock. In total, the Company sold 6,900,000 shares of common stock at a public offering price of $15.75 per share, including 900,000 shares purchased by the underwriters in connection with their exercise, in full, of their option to purchase additional shares in connection with the offering.

Canadian Solar received total net proceeds of approximately $103.3 million after underwriting discounts and commissions and before offering expenses. Morgan Stanley, Deutsche Bank Securities Inc. and Piper Jaffray & Co. served as joint bookrunners in the offering, and Wells Fargo Securities served as co-manager.

This communication shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About Canadian Solar Inc. (NASDAQ: CSIQ)

Canadian Solar Inc. is a leading vertically-integrated provider of ingot, wafer, solar cell, solar module and other solar applications. Canadian Solar designs, manufactures and delivers solar products and solar systems for on-grid and off-grid use to customers worldwide. Canadian Solar is one of the world's largest solar module producers by manufacturing capacity. With operations in North America, Europe and Asia, Canadian Solar provides premium quality, cost-effective and environmentally-friendly solar solutions to support global sustainable development. For more information, visit http://www.canadiansolar.com .

Safe Harbor/Forward-Looking Statements

Certain statements in this press release including statements related to the offering and the expected use of proceeds 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. Factors that could cause actual results to differ are described in the Company's SEC filings, including its annual report on Form 20-F originally filed on June 8, 2009, as amended by its report on Form 20-F/A, filed on October 13, 2009.

SOURCE Canadian Solar Inc.

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