Page 1

CanadianSolar Exhibit 99.1 Canadian Solar Reports Second Quarter 2021 Results Guelph , Ontario , August 12 , 2021 - Canadian Solar Inc. ( " Canadian Solar " or the " Company " ) ( NASDAQ : CSIQ ) today announced financial results for the quarter ended June 30 , 2021 . Highlights Solar module shipments of 3.7 GW in the second quarter of 2021 , top end of 3.5 GW to 3.7 GW guidance . Revenue increased 105 % year - over - year ( " yoy " ) to a record $ 1.43 billion , in line with guidance of $ 1.4 billion to $ 1.5 billion . Gross margin of 12.9 % , ahead of guidance range of 9.5 % to 10.5 % . Net income attributable to Canadian Solar of $ 11 million , or $ 0.18 per diluted share . 1.5 GWh of battery storage projects under construction and 19 GWh of total storage development pipeline . Published the ESG Sustainability Report with updated disclosures aligned with global standards on July 29 , 2021 . Carve - out IPO of CSI Solar subsidiary remains on track . Dr. Shawn Qu , Chairman and CEO , commented , " I am pleased that we have turned the corner in the second quarter , delivering strong revenue growth and better - than - expected profitability . While market conditions remain challenging , we continue to focus on initiatives to strengthen our long - term positioning such as growing our pipeline of valuable solar and battery storage projects , and differentiating our technology and product offering through value - add system solutions . Notably , we have made significant progress in growing , executing and monetizing our battery storage projects and will update the market in due course . " At the same time , we are also fully incorporating environmental , social and governance factors in all our major business decisions , and recently published our latest ESG Sustainability Report . As an example , we are establishing our first manufacturing facility of 10 GW ingot capacity in Qinghai Province , which will help us meaningfully reduce the carbon footprint of our products as nearly 90 % of Qinghai's installed power capacity is clean energy . " Separately , the carve - out IPO of CSI Solar remains on track , with the listing application materials having been submitted . We are now addressing comments from the Shanghai Stock Exchange in accordance with usual review procedures . " Yan Zhuang , President of Canadian Solar's CSI Solar subsidiary , said , “ Although polysilicon and transportation costs remained elevated , we continue to raise module pricing , prioritize margins while maximizing capacity utilization , and continue to improve on our product and manufacturing efficiency as we take further cost control measures . During the second quarter , we also delivered our first batch of large - scale battery storage shipments . While we anticipate and respond to short - term market fluctuations , our long - term growth strategy remains unchanged . That is , to grow market share through capacity expansion , improve pricing power through technology differentiation and optimized channel structure , and gain more control over our supply chain through upstream positioning . " Ismael Guerrero , Corporate VP and President of Canadian Solar's Global Energy subsidiary , said , " We have seen a meaningful increase in demand for our solar and battery storage projects driven by both existing and new low cost of capital market players . This demonstrates that the capital pool for clean energy infrastructure assets is both broadening and deepening , yet the supply of these assets remains scarce . We are positioned to benefit from these trends with a global solar project pipeline of 22 GW of which nearly 6 GW is contracted and / or under construction . We also have a global battery storage project pipeline of 19 GWh of which 2.3 GWh is contracted and / or under construction . Recently , we started signing higher priced PPAs ( power purchase agreements ) , which are helping to offset the impact of higher equipment costs . Meanwhile , we continue to execute on our strategy to grow our base of recurring income through expanding our market share in services such as operations and maintenance and long - term ownership of project investment vehicles . " Dr. Huifeng Chang , Senior VP and CFO , added , " We posted our highest quarterly revenue of $ 1.43 billion in the second quarter and made significant progress to capitalize on growth in the battery storage market . We ended the second quarter with $ 1.3 billion in cash , and have raised approximately $ 110 million to date from our at - the - market equity offering program , which is well on track . We also took the opportunity to lengthen the overall maturity profile of our debt during the quarter to further improve our financial position . ” Page 1