EU PVSEC 2011: Canadian Solar Showcases New Solar PV Module with up to 19.5% Cell Conversion Efficiency

MUNICH, Germany, September 1, 2011 /PRNewswire-Asia-FirstCall/ -- Canadian Solar Inc. (the "Company", "we" or "Canadian Solar") (Nasdaq: CSIQ), one of the world's largest solar companies, today announced the official launch of its new solar modules incorporating the Company's ELPS (efficient, long-term photovoltaic solution) high-efficiency solar photovoltaic ("PV") cell technology at the 2011 EU PVSEC in Hamburg. From September 5 through 8, 2011, Canadian Solar will showcase the new module and provide additional information about its exciting breakthrough technology enabling cell conversion efficiencies of up to 19.5%, in hall B6, booth A31.

"We are proud to launch our new ELPS technology solar modules for the first time at the EU PVSEC 2011. In the highly competitive and fast-moving solar industry, our advantage comes from our ability to innovate and differentiate our product offering. With these modules, we offer our customers even more value by significantly increasing conversion efficiency and power output," said Dr. Shawn Qu, Chairman and CEO of Canadian Solar. "In addition, we have also managed to lower the production costs per watt." At Intersolar Europe in June 2011, Canadian Solar first showcased the ELPS solar PV cells to the public, now this breakthrough technology is being integrated into the Company's module series.

Moving Electrode Contacts to the Backside Increases Efficiency

The new ELPS technology is based on the metal-wrap-through (MWT) architecture whereby the front side electrode is moved to the back. Moving the electrical connections to the back allows more of the front surface to become exposed to sunlight, resulting in a significant efficiency increase. At the module level, ELPS allows interconnection on one side, which reduces module series resistance and increases the fill factor, resulting in higher power output. ELPS cell technology is expected to also reduce production cost per watt through increased manufacturing output yield per hour.

The new solar modules are available both as a monocrystalline and as a polycrystalline version, achieving power output of up to 265 Watt. Shipping of modules with ELPS technology is planned to start in the fourth quarter of 2011.

About Canadian Solar Inc. (NASDAQ: CSIQ)

Canadian Solar Inc. is one of the world's largest solar companies. As a leading vertically integrated provider of ingots, wafers, solar cells, solar modules and other solar applications, Canadian Solar designs, manufactures and delivers solar products and solar system solutions for on-grid and off-grid use to customers worldwide. 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 www.canadiansolar.com.

Safe Harbor/Forward-Looking Statements:

Certain statements in this press release 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 the risks regarding the previously disclosed SEC investigation, as well as general business and economic conditions and the state of the solar industry; 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 Germany; changes in customer order patterns; changes in product mix; capacity utilization; level of competition; pricing pressure and declines in average selling prices; delays in new product introduction; continued success in technological innovations and delivery of products with the features customers demand; shortage in supply of materials or capacity requirements; availability of financing; exchange rate fluctuations; litigation and other risks as described in the Company's SEC filings, including its annual report on Form 20-F filed on May 17, 2011. 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. You 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.