#1CanadianSolar Investor Presentation June 2022 CSIQ Nasdaq Listed#2Safe Harbor Statement This presentation has been prepared by the Company solely to facilitate the understanding of the Company's business model and growth strategy. The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. None of the Company or any of its affiliates, advisers or representatives will be liable (in negligence or otherwise) for any loss howsoever arising from any use of this presentation or its contents or otherwise arising in connection with the presentation. This presentation contains forward-looking statements and management may make additional forward-looking statements in response to your questions. Such written and oral disclosures are made pursuant to the Safe Harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward looking statements include descriptions regarding the intent, belief or current expectations of the Company or its officers with respect to its future performance, consolidated results of operations and financial condition. These statements can be identified by the use of words such as "expects," "plans," "will," "estimates," "projects," or words of similar meaning. Such forward-looking statements are not guarantees of future performance and involve risks and uncertainties. Actual results may differ materially from expectations implied by these forward-looking statements as a result of various factors and assumptions. Although we believe our expectations expressed in such forward looking statements are reasonable, we cannot assure you that they will be realized, and therefore we refer you to a more detailed discussion of the risks and uncertainties contained in the Company's annual report on Form 20-F as well as other documents filed with the Securities & Exchange Commission. In addition, these forward looking statements are made as of the current date, and the Company does not undertake to update forward-looking statements to reflect future events or circumstances, unless otherwise required by law. CanadianSolar MAKE THE DIFFERENCE 2#3ESTUN Q1 2022 UPDATES CanadianSolar MAKE THE DIFFERENCE 3#4Quarterly income statement highlights USD millions except per share data Net revenues 1Q21 2Q21 3Q21 4Q21 1Q22 qoq yoy 1,089 1,430 1,229 1,529 1,250 -18% +15% -CSI Solar -Global Energy -Elimination Gross margin 695 1,184 1,149 1,343 1,210 -10% +74% 471 281 140 232 93 -60% -80% (77) (35) (60) (46) (53) 17.9% 12.9% 18.6% 19.7% 14.5% -520 bp -340bp -CSI Solar margin 9.7% 13.1% 15.1% 21.3% 14.5% -680bp +480 bp -Global Energy margin 24.0% 4.2% 43.7% 3.5% 19.2% Selling and distribution expenses 84 84 102 129 109 -16% +29% General and admin expenses 68 69 83 90 63 -30% -7% R&D expenses 12 13 13 19 13 -31% +7% Other operating income (13) (7) (23) (4) (20) Total operating expenses 151 158 176 234 165 -29% +9% Operating income 43 26 53 67 16 -77% -64% Net interest expense (11) (12) (11) (13) (11) Net FX gain or (loss) (7) (3) (14) 1 3 Income tax benefit or (expense) (14) 2 3 (27) UT 5 Net income 14 19 38 40 9 -77% -34% Net income attributable to Canadian Solar Inc. Diluted EPS 23 11 35 26 9 -65% -60% 0.36 0.18 0.52 0.39 0.14* -64% -61% Note: Elimination effect from inter-segment sales not included in segment margin. Please refer to 6-K for further details. *Diluted EPS includes the dilutive effect of convertible bonds. $0.14/share is calculated from total earnings of $9mn divided by diluted shares 64.7 million shares. CanadianSolar MAKE THE DIFFERENCE 4#5Results summary by divisions HIGHLIGHTS Q1 solar module shipments were up 42% yoy to 3.6 GW and total revenue was up 15% yoy to $1.25 billion. CSI Solar revenue was up 74% yoy to $1.16 billion and gross profit was up 161% yoy to $176 million. Gross margin was 14.5%, weighted by higher upstream costs, but is expected to improve through the year with greater manufacturing vertical integration and decline in upstream costs. Battery storage systems shipments were 290 MWh. Global Energy revenue was $93 million and gross margin was 19.2%. Completed the sale of 350 MW pre-or-early-construction solar projects in the U.S., so dollar per MW was relatively lower but margin was healthy. USD millions except shipment data (1) S 1Q22 yoy qoq FY21 yoy Total module shipments recognized in revenue (MW) Revenues 3,634 42% -8% 13,893 23% 1,210 74% -10% 4,372 41% CSI Solar Gross profit 176 161% -39% 682 12% Income from operations 32 161% -61% 74 -71% Revenues 93 -80% -60% 1,124 55% Global Gross profit 18 -84% 121% 194 30% Energy Income from operations -1 -101% 93% 97 82% CSI Solar Revenue (1) Global Energy Revenue 19.6% 15.6% 9.7% 13.1% 15.1% 21.3% 14.5% 20.5% 17.3% 24.0% 4.2% 43.7% 3.5% 19.2% 4,372 1,124 USD mn % Gross margin 3,105 USD mn 726 1,184 1,149 1,343 1,210 695 FY20 FY21 1Q21 2Q21 3Q21 4Q21 1Q22 471 281 232 140 93 FY20 FY21 1Q21 2Q21 3Q21 4Q21 1Q22 (1) Includes effects of both sales to third party customers and to the Company's Global Energy business to reflect the real underlying performance. Please refer to the financial tables in the quarterly press release for the intercompany transaction elimination information. Income from operation amounts reflect management's allocation and estimate as some services are shared by the two segments of the Company. CanadianSolar MAKE THE DIFFERENCE 5#6Guidance as of May 24, 2022 Module Q1 2022 Actual Q2 2022 Guidance FY2021 Actual FY2022 Guidance 2021-22E yoy A% C. +45% Shipments* 3.63 GW 4.9 - 5.1 GW 14.5 GW 20 - 22 GW Battery Storage 290 MWh 600 MWh+ 896 MWh - Shipments 1.8 1.9 GWh C. +100% Project Sales n/a n/a 2.1 GW 2.1 - 2.6 GW C. +10% Revenue $1.25 bn - $2.2 bn $2.3 bn $5.3 bn - $7.0 bn $7.5 bn C. +35% Gross Margin 14.5% 14.5% - 15.5% 17.2% n/a n/a Shipment guidance going forward based on total shipments recognized as revenues by CSI Solar, which includes both 3rd party and Global Energy shipments. Global Energy shipments are then eliminated on the "Elimination" line until the project is sold to a 3rd party Expect significant growth in Q2 and FY2022; Q2 growth driven by higher module and battery storage shipments, and project sales Q2 gross margin continued to be impacted by higher material costs; partially offset by lower transportation costs in opex CanadianSolar MAKE THE DIFFERENCE 6#7Making significant progress on our battery storage business Revenue $220 million $500 million (approx.) 0 0.9 GWh CanadianSolar CanadianSolar 1.8-1.9 GWh 2x 2020 2021 2022E Leading battery storage solution: . high energy density • strong safety • • cost-competitive easy installation CanadianSolar CanadianSolar MAKE THE DIFFERENCE 7#841 Europe China India Japan North America & Caribbean Strong long term growth outlook for both solar and battery storage Solar PV cumulative installations crossing 1 TW this year, to reach 3.8 TW by 2030 (but 5.2 TW needed by '30 to reach Paris Agreement!) Battery energy storage cumulative capacity installations reaching 100 GWh this year, to reach 1.3 TWh by 2031 Long term growth driven by competitive economics and ESG/decarbonization efforts Global Solar PV Annual Installations, Energy Storage Annual Capacity Additions, GWh Central & South America Other GW +14% CAGR 165 145 118 106 101 75 56 45 2013 2014 2015 2016 2017 2018 2019 2020 320 312 295 276 232 2021E 2022E 2023E 2024E 2025E 2026E Source: BNEF, IHS, Wood Mackenzie (2021E PV installations adjusted to CSIQ guesstimate). 24 10 2 2 2016 2017 2018 2019 2020 2021 261 Rest of world 216 Japan +27% CAGR 27 174 Europe 140 97 97 116 China 95 87 82 72 10 33 101 US 2022E 2023E 2024E 49 49 IN 41 2025E 2026E 2027E 2028E 2029E 2030E 2031E CanadianSolar MAKE THE DIFFERENCE 8#9CSI Solar China IPO in registration with the CSRC • Q1-Q3 2022 Registration process with the Chinese Securities Regulatory Commission • Investor roadshow • Official listing • . . • Q3-Q4 2021 Feedback process and approval from the Shanghai Stock Exchange Q2 2021 Submit application to regulatory authorities & stock exchange Q1 2021 Financial, legal paperwork ⚫ Prospectus drafting Q4 2020 • Shareholder system reform • Governance documents • Registration materials Q3 2020 Announcement • . Pre-IPO closing Note: Dates subject to change without notice. CanadianSolar MAKE THE DIFFERENCE 9#10TA 3111 H BIE " " Ha A COMPELLING INVESTMENT OPPORTUNITY CanadianSolar MAKE THE DIFFERENCE 10#11Canadian Solar at a glance OUR MISSION To power the world with solar energy and create a better and cleaner Earth for future generations SUMMARY FINANCIAL AND OPERATIONAL METRICS (1Q22) Revenue $1.25 billion Gross margin 14.5% EBITDA $81 million Net income to CSIQ $9 million OUR ORIGINS Founded in 2001 in Ontario, Canada Listed on the NASDAQ as CSIQ in 2006 OUR PERFORMANCE Top 5 global module brand with 30% annual growth in shipments since 2013 19.8% 5-year average gross margin 4.1% 5-year average net profit margin Global presence in 25 countries/territories, focusing on premium markets 1. CSI Solar: Solar module shipments 3.63 GW Battery storage shipments 290 MWh 2. Global Energy: Power project sales 24 GWP 27 GWh solar battery 350 MWP project pipeline storage pipeline Global Energy, $93 mn Revenue Breakdown 1Q22 CSI Solar, $1,157 mn China, 18% North America, 29% Asia ex. China, 20% EMEA, 19% Latin America, 14% CanadianSolar MAKE THE DIFFERENCE 11#12Diversified and integrated business model 1 Manufacturing: CSI Solar 2 Project Development: Global Energy Top tier solar module brand: cumulative shipments of 70 GW. Delivered 14.5 GW in 2021, expect 20-22 GW in 2022 **Solar module manufacturing and total system solutions provider including inverters, system kits, energy storage and EPC services Battery storage solutions provider, delivering end-to-end, integrated battery storage solutions for utility scale, commercial and industrial, and residential applications Delivered 290 MWh in battery storage shipments in 1Q22, expect 1.8-1.9 GWh in 2022 Solar project development: develop, build, operate, sell and own solar and solar power plants across 20+ countries/ territories Battery storage project development: co-located utility-scale solar plus energy storage and stand-alone battery storage 6.1 GWp of contracted solar projects in operation, construction and backlog; 24 GW of total solar project pipeline 1.4 GWh of battery storage projects under construction; 27 GWh total storage project pipeline CanadianSolar MAKE THE DIFFERENCE 12#13Why invest in Canadian Solar CanadianSolar Led by a strategically- minded and prudent management team with excellent track record 1 Global market leader with strong growth outlook driven by solar grid parity and accelerating demand for clean renewable energy 2 3 Multiple levers of growth in solar modules, system solutions, project development & ownership, and battery storage Market-oriented strategy driving technology and business model innovation, capturing new opportunities such as energy storage 4 Strong and consistent operational and financial track record 5 Attractive valuation supported by strong fundamentals & balance sheet CanadianSolar MAKE THE DIFFERENCE 13#14Solar PV the most environmentally and economically attractive source of electricity, critical to any global decarbonization scenario Solar + 4h battery storage is increasingly competitive; meanwhile, the cost of carbon is set to increase 359 275 135 123 111 83 2009 Mean unsubsidized levelized cost of energy (LCOE) and levelized cost of storage (LCOS), $/MWh PV + 4 hour storage (FTM) $85-158/MWh 158 173 Gas peaker 167 Nuclear 108 Coal 85 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 *CCGT Combined Cycle Gas Turbine 60 CCGT* 38 Wind • 36 Solar Strong energy security, climate change and decarbonization commitments by major economies REPowerEU: to reduce reliance on imported gas; 420 GW of additional solar capacity by 2030, with high scenario potential for 1 TW; Germany to increase solar tenders to 20 GW by 2028 from current 5 GW. China: "1+N" policies to reach peak carbon by 2030, and carbon neutrality by 2060. Non-fossil fuel energy to account for 20% / 25% of primary energy consumption by 2025 / 2030 resp. Solar and wind total installation to reach 1,200 GW and non-fossil fuel sources to account for 80% of primary energy consumption by 2060, implying annual solar capacity additions of 80-100 GW. Energy storage commercialization during the 14th Five Year Plan (system costs to reduce 30%). U.S.: Build Back Better Climate Change provisions $555 billion, with potential solar ITC extension/direct pay, stand-alone storage ITC, PTC optionality etc. Corporations are also demanding more clean energy to decarbonize their operations Many firms committing to 100% renewable energy, contributing to lower energy costs and achieving corporate ESG goals. Key clean energy corporate off-takers: Amazon, Total, TSMC, Verizon, Meta, General Motors, Dow Chemical, Anglo American, General Mills and more. CanadianSolar Source: Lazard 2021 LCOE and LCOS Reports, public announcements. MAKE THE DIFFERENCE 14#150% 10% 20% 30% 40% 50% Massive growth potential as solar remains underpenetrated Despite rapid growth, solar penetration remains at just 3% Electricity generation by fuel type 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 2016 2018 2020 Coal, 35% Solar's cumulative capacity base could reach 14,000 GW by 2050 from 1,000 GW in 2022 Global solar PV cumulative installations, GW To achieve the 1.5°C Paris Agreement goal, solar PV's global installed capacity needs to reach 5,200 GW by 2030 and 14,000 GW by 2050 Gas, 23% Average annual installations: Solar, 3% Hydro, 16% 300 GW 150 GW 60 GW Nuclear, 10% 8 GW 102 241 416 791 956 1,188 2,070 5,200 Source: BP Energy Outlook 2021, IHS, BNEF, IRENA World Energy Transitions Outlook. 2000 2012 2015 2017 2020 2021E 2022E 2025E 880 GW 14,000 625 GW 2030E 2050E CanadianSolar MAKE THE DIFFERENCE 15#16Solar PV modules nearing the bottom of the cost curve 1975 Solar module prices have declined dramatically 105.7 Source: IEA, BNEF. 1980 29.3 Solar PV module cost, US$/W Declining marginal benefit from further module price cuts Capex split for utility-scale PV system 56% 45% 34% 32% 30% 12.7 7.9 5.5 4.9 4.4 2.0 0.8 0.2 1985 1990 1995 2000 2005 2010 2015 2020 2010 2015 *Module 2020 ■Inverter & balance of plant 2025 2030 EPC Other CanadianSolar MAKE THE DIFFERENCE 16#1741 Significant growth visibility and healthier market dynamics Strong growth outlook on a much larger market base: annual PV installations up 7x over the past decade Europe China India Japan Global Solar PV Annual Installations, I North America & Caribbean Central & South America Other GW +14% CAGR 320 312 295 276 232 165 145 118 106 101 75 56 45 2013 2014 2015 2016 2017 2018 2019 2020 2021E 2022E 2023E 2024E 2025E 2026E Source: BNEF, IHS (2021E PV installations adjusted to CSIQ guesstimate). Lower risk and higher return outlook in the solar industry LOWER RISK: • • • Independence from subsidies: grid parity driving lower market uncertainty from subsidy policy overhang; lower demand/supply mismatch volatility from subsidy deadlines; Greater market stability: faster demand and supply adjustments to market signals Lower market concentration: the number of 1 GW+ markets to grow from 6 in 2016 to 16 in 2021 Larger market scale: Much larger and stabler global base of demand HIGHER RETURNS: Accelerating demand for solar energy consumption and for solar energy assets Solar module prices approaching the bottom of the cost curve CanadianSolar MAKE THE DIFFERENCE 17#18Market leader in solar energy with a global footprint in project development and module manufacturing and sales North America Europe Germany Spain Munich: EMEA CSIS HQ Madrid: EMEA GE HQ Italy Milan France Toulouse Canada Guelph: Global HQ Calgary U.S. Austin: North America HQ Walnut Creek New York City Princeton U.K. London Poland Warsaw Netherlands Amsterdam Asia Pacific P.R. China Suzhou: China HQ Beijing Shanghai Changshu Funing Yancheng Dafeng Luoyang Baotou Jiaxing Jiuquan Suqian Xining Hong Kong, SAR Taiwan, China Hsinchu South Korea Seoul India New Delhi Thailand Chonburi Vietnam Hai Phong Malaysia Kuala Lumpur Singapore Singapore Australia Strong presence in 25 countries: CSI Solar: 17 countries • Global Energy: 19 countries 16 factories in 4 countries Manufacturing operations Latin EL America Brazil São Paulo Mexico Mexico City Colombia Bogotá Chile Santiago Middle East and Africa U.A.E. Abu Dhabi Dubai South Africa Cape Town Japan Tokyo Osaka Fukuoka Sendai Nagoya Kawaguchi Our success is driven by our global-local teams and our culture of diversity Melbourne Sydney CanadianSolar Note: Showing office locations only. Certain offices are shared between the CSI Solar and Global Energy businesses. Canadian Solar may do business in more locations than shown on the map. MAKE THE DIFFERENCE 18#19Top-tier, bankable and globally diversified solar module brand We have cumulatively delivered around 71 GW to customers across the world Shipment growth to accelerate to c.45% in 2022E from c.30% historical CAGR Regional mix ■North America Latin America ■Asia Pacific ex. Japan and 71 GW China ■ Japan China EMEA Shipments GW 14.5 11.3 8.6 6.8 6.6 4.7 5.2 3.1 1.9 20-22 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E CanadianSolar MAKE THE DIFFERENCE 19#20Differentiated sales strategy focused on delivering high value-add system solutions to premium markets - driver of CSI Solar's stronger pricing power CSI Solar is over-indexed to the distributed generation (DG) market segment as it accounts for 50% of our FY21 shipments (DG is c.38% of the global market) 7.3 GW, 50% FY21 shipments 5.7 GW, 39% Utility-scale Integrated System Solutions = Dedicated product management for high-value channels and markets (Module + Inverter + Battery Storage) Product and solution development Module Commercial & Industrial (C&I) Residential DG segment 1.5 GW, 11% Inverter DG market segment ✓ Higher ASP / smaller volume orders. ✓ Dedicated channel management ✓ Higher customer loyalty ✓ Greater demand stability ✓ Higher barriers to entry Storage High efficiency all-black modules for resi market Lightweight modules for Japanese market Heterojunction and Topcon high power wattage modules CSI Solar full power range own-made inverters for residential, C&I and utility- scale applications Residential and utility-scale storage systems to be launched in the second half of 2022 for global key markets . Value proposition based on user experience Greater pricing power for top quality solutions & services Leverage existing channels to expand premium product offering Battery storage, power electronics and AI enablers of new business models CanadianSolar MAKE THE DIFFERENCE 20#21Gaining global market share through capacity expansion In the long term, with demand growth and supply consolidation, CSI Solar's strategy is to expand capacity and increase the level of vertical integration, in order to gain global market share, enhance pricing power, better control costs and improve profitability over the long run In the near term, our capacity expansion plans remain flexible, taking into account upstream supply chain dynamics and technological advances affecting new and old capacity utilization Expand capacity and increase vertical integration... Canadian Solar Manufacturing Capacity, year-end (GW) ...to gain global market share and pricing power Canadian Solar Global Module Market Share Ingot 5.4 GW 20.4 GW Wafer 11.5 GW 20.0 GW Cell 13.9 GW 19.8 GW Module 23.9 GW Source: IHS, BNEF, PV Infolink. 14Q21 1H22E FY22E 32.0 GW 9% 8% 7% 6% -15% 10% 1 3-5 yrs 2018 2019 2020 2021 2022E CanadianSolar MAKE THE DIFFERENCE 21#22Large global solar project pipeline of 23.8 GWp across the world TOTAL 25 GWp Plants in Operation 0.8 GWP Plants in Construction 1.1 GWP Backlog 4.2 GWP Pipeline 18.5 GWP 90%+ contracted EMEA MW 4,523 Pipeline MW 277 Backlog MW 15 in Construction MW 0 in Operation Amsterdam Calgary Warsaw London Guelph Milan Toulouse New York City Madrid San Francisco Austin North America Bogotá Mexico City MW 8,228 Pipeline MW 472 Backlog MW 115 in Construction MW O in Operation Latin America MW 3,393 Pipeline MW 2,536 Backlog São Paulo Santiago MW 841 in Construction (2) MW 316 in Operation (2) China (1) MW 1,070 Pipeline MW 550 Backlog MW O in Construction MW 82 in Operation Seoul Beijing Tokyo Suzhou, Shanghai Taipei Hong Kong Kuala Lumpur Singapore Japan MW 72 Pipeline MW 175 Backlog MW 161 in Construction MW 43 in Operation Sydney Melbourne APAC (ex. Japan/China) MW 1,795 Pipeline MW 188 Backlog MW 3 in Construction MW 359 in Operation (2) Global Energy office locations To unlock value in 6.1 GWp(2) of contracted solar projects while continuing to grow our total pipeline Total pipeline as of March 31, 2022. Definitions of backlog/pipeline consistent with industry practice - see next slide. (1) China portfolio is part of Global Energy. (2) Gross project capacity includes aggregate project stakes of c.600 MWp not owned by CSIQ. CanadianSolar MAKE THE DIFFERENCE 22#23Large diversified solar project pipeline across various stages of development TOTAL 25 GWp Plants in Operation 0.8 GWP Plants in Construction 1.1 GWp Backlog 4.2 GWP Pipeline 18.5 GWP . Good balance of projects across regions and different stages of development Approx. 6.1 GWp of contracted solar projects Projects are originated by regional teams, but Investment Committee has final say on projects, with strong risk management function Projects in operation and connected to the local grid, generating electricity revenues Projects in construction that have not yet reached commercial operation Projects that have passed the Risk Cliff Date and are expected to be built in 1-4 years Risk Cliff Date is the date on which the project passes the last high-risk development milestone (varies by country) Most backlog projects will have received required environmental and regulatory approvals and entered into interconnection agreements. Over 90% of projects in backlog have contracted revenues Early- to mid-stage project opportunities currently under development that are yet to be de-risked The project has been brought to the Investment Committee but has not yet passed its Risk Cliff Date The Company may exit from earlier stage projects that do not show acceptable risk/return/cash flow profile Total pipeline as of March 31, 2022. Definitions of backlog/pipeline consistent with industry practice. (1) China portfolio is part of Global Energy. (2) Gross project capacity includes aggregate project stakes of c.600 MWp not owned by CSIQ. CanadianSolar MAKE THE DIFFERENCE 23#24Proven track record developing & building over 6.6 GWp solar projects worldwide Expanded our solar project development track record to over 20 countries... Regional mix ...and expect to reach ~8 GWp by the end of 2022 Cumulative power plants built and connected, GWp ■North America Latin America ■ EMEA Asia Pacific (ex. Japan & China) ■ Japan ■China 0.9 0.2 0.5 3.7 6.6 GWP 0.3 1.0 2.0 1.4 0.6 0.1 0.2 3.9 3.3 Projects in construction 7.8 6.3 ☐ 5.6 5.7 5.3 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022E CanadianSolar MAKE THE DIFFERENCE 24#25Leading presence in markets with strong fundamentals Focus on low-risk, high growth markets North America: Potential legislations in the U.S. to allow CSIQ to capture greater value from solar and storage assets; future potential to build local investment vehicle. Latin America: Growth through both public auctions and private PPAs. Brazil - over 2 GW of projects in backlog, expected to reach COD this year and over the next few years; to feed into the FIP-IE vehicle. Mexico - executing projects with current partners, market with strong fundamentals. Projects under development in Chile, Colombia, Dominican Republic. EMEA: Expect significant growth driven by net zero carbon emissions targets; in Italy, established CSFS Fund 1, a closed-ended alternative investment fund, partnering with patient capital investors to retain ownership of projects over the longer term. Largest developer in Italy in terms of contracted volume. Japan: Strong fundamentals; transition from feed-in-tariff to auctions market Asia Pacific ex. Japan and China: Increase presence in markets such as South Korea and explore opportunities in markets such as Malaysia, Thailand and Vietnam Over 6 GW of contracted projects secured by long-term PPAs Average length of FIT/PPA contracts U.S. Brazil 12-20 15-20 Europe - 10 Japan ~ 20 Southeast Asia - 20 Australia 10-20 CanadianSolar MAKE THE DIFFERENCE 25#26Unparalleled expertise in the solar development value chain across 20+ jurisdictions Development Origination, site selection, M&A S (greenfield and brownfield opportunities) Environmental studies System design Financial modelling Secure land and interconnection S PPA negotiation / auction participation S Energy storage integration Execution Financing and structuring of debt and equity EPC management: ➤ Engineering ➤ Procurement: Canadian Solar PV modules, centralized BOS ➤ Construction management Testing and commissioning Operation+ Operations and maintenance (O&M): ➤ Maximize performance ➤ Technical inspections and repairs ➤ Real time remote monitoring Performance reporting Asset management Infrastructure fund / vehicles in Japan, Brazil, Europe for long term ownership Energy trading platform for operating assets Notice to Proceed (NTP) Project exit at NTP: Commercial Operation Date (COD) Project exit at COD: Smaller revenue, higher gross margin % • Lower capital needs . Larger revenue, lower gross margin % Higher capital needs Maximize project valuation, accelerate cash turn, minimize risk exposure, focus on capturing long term returns of solar and battery storage project assets "CanadianSolar MAKE THE DIFFERENCE 26#27Multiple levers of growth, focusing on recurring income 1 2021 Actual 2022E 2023E 2024E 2025E 2026E Development: Project sales Annual project 2.1 2.1-2.6 2.8-3.3 3.5-4.0 4.0-4.5 4.3-4.8 sales GWP 2 Services: Operational O&M(1) + O&M projects, 2.1 4.5 7.5 11 15 20 20 Asset Mgmt GWP 3 Investment Vehicles: Partial ownership of solar projects Cumulative projects 292 370 630 1,000 1,100 1.300 retained (net & gross(2)), MWP 748 1,500 2,580 3,500 4,000 5,000 = (1) O&M Operations and Maintenance. (2) Net projects retained represents CSIQ's net partial ownership of solar projects, the gross number represents the aggregate size of projects including the share which is not owned by CSIQ. Note: Final timing and recognition of project sales may be impacted by various external factors. Targets are subject to change without notice; investors are encouraged to review the Risks section of the Company's annual report on Form 20-F. CanadianSolar MAKE THE DIFFERENCE 27#28Increase earnings stability and value capture through investment vehicles and capital partnerships First offer rights to CSIF Optimize and maximize project valuation relative to individual project sales strategies Grow base of operating solar assets through partial ownerships and increase share of recurring income Mobilize and leverage 3rd party capital partners for growth Capture additional value in O&M, asset management, storage retrofit etc. Entity Location Status Expected CSIQ owner- Type of assets ship Gross volume, MWp AUM, Equity, $mn $mn Avg market CAFD $/MW CSIF (1) (Canadian Solar Japan Infrastructure Fund, Up-and- running 15% Operational assets 184 650 380 >$200k TSE: 9284) JGIF Development (Japan Green Japan Up-and- running 67% Infrastructure Fund) & construction assets >200 (2) N/D (3) N/D CSFS 100% owned, (Canadian Solar Italy Finint Solare, Italian Real Estate Fund) fundraising from Q4 2021 c.40% Construction & operational 140 (4) N/D N/D c.$30k assets FIP-IE (Listed Brazilian Participation Fund in Brazil Infrastructure - to 100% owned, still private Up to 20% Operational assets >600 (4) N/D N/D c.$40k be launched) Various private & public vehicles (to be launched) Europe (various) N/A c.40% Construction & operational assets N/D N/D N/D c.$20k (1) See following slide for more details. (2) Assumes full deployment, as JGIF is a development fund and will not hold projects for long term cash flow. (3) Not disclosed or not available. (4) Initial asset dropdown, expected to grow over time. Total existing backlog in Brazil is >2 GW. E.U. funds to grow to >1 GW. Note: Values are indicative and subject to change without notice. CanadianSolar MAKE THE DIFFERENCE 28#29CSIF: Japan's largest publicly listed solar infrastructure fund Canadian Solar Infrastructure Fund (TSE: 9284.T) 15% owned by CSIQ CS Hokkaido Bihoro PP 2.5 MW Map of CSIF and sponsor (CSIQ) assets Valuation (1) ¥77 bn (~$580 mn) • Operational • Under construction • Under development (as of December 31, 2021) Market capitalization (2) ¥49 bn (~$370 mn) CS Tottori Daisen Dai-ni PP 1.9 MW No. of power plants Capacity CS Gunma Takasaki KG PP 24.5 MW CS Gunma CC PP 21.0 MW Total sponsor portfolio 28 projects, 380 MWp Operational and under construction 13 projects, 205 MWp 25 184 MWp Sponsor portfolio FIT distribution (by MW) <\ 14 ¥18-24 ¥36 CS Shimane Hamada PP 2.0 MW CS Hiroshi Fukuyama PP 3.4 MW CS Hiroshima Suzuhari PP 17.8 MW CS Yamaguchi Hofu PP 8.0 MW CS Yamaguchi Aiofutajima 1.2 MW CS Fukuoka Saigawa PP 13.0 MW CS Fukuoka Tagawa PP 0.7 MW CS Oita Munechika PP 8.1 MW CS Gunma Minakami Dai-ni PP 2.2 MW CS Gifu Kamitakara PP 20.1 MW CS Higashikagawa PP 2.6 MW 2.1 MW CS Higashikagawa Dai-ni PP ¥32 CS Kumamoto Mashiki Dai-ni PP 1.2 MW CS Okayama Shinyubara PP 30.0 MW CS Kumamoto Yamato PP 1.5 MW Hitachi Kama PP 2.2 MW CS Aomori Maita PP 3.0 MW CS Miyagi Kami-machi PP 80.0 MW CS Shichikashuku-machi PP 9.2 MW CS Fukushima Sabara PP 3.0 MW CS Azuma Kofuji PP 100.0 MW CS Tochigi Kitsuregawa PP 1.2 MW CS Ibaraki Kurusu PP 11.3 MW CS Ibaraki Takamihara PP 1.2 MW CS Ibaraki Kasama PP 13.5 MW CS Saitama Kumagaya PP 2.0 MW Under development 15 projects, 175 MWp c. 40% of portfolio contracted at USD >0.20/kWh FIT (1) Median project valuation report amount, which is the estimated values provided to us by PricewaterhouseCoopers Sustainability LLC and Kroll, LLC. in its project valuation reports as of December 31, 2021. CanadianSolar MAKE THE DIFFERENCE (2) As of June 14, 2022. 29#30Increasing demand for energy storage with greater adoption of renewables Congestion Persistence (1) ($/MW-yr) The value of battery storage is directly correlated with the penetration of renewable energy Value of storage and renewable penetration across U.S. ISOs $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $- 2017 2018 2015 2016 ▲ 2019 (low load) 2020 (COVID) 2019 2019 2018 2020 (COVID) 2017 2018 2017 2016 2016 2015 Battery storage has unique advantages in providing grid services Increasing penetration of renewable energy lowers power costs and decarbonizes the power grid, but it creates price volatility and affects grid stability: battery storage can mitigate the effect of renewable energy on the grid Advantages of battery storage: The need for battery storage will only increase as renewable penetration continues to go up Electricity mix % Other Coal, gas, 63% oil 38% 23% 63% 68% 71% . Modular, flexible size Nuclear 10% 16% 5% 2020 (COVID) 19% • No startup costs, short ramp time 6% Hydro 16% 17% 7% 6% • Ability to charge and discharge 17% A • Battery costs declining rapidly Other renew. (non-hydro) Non- dispatchable, 4% Solar- 8% 3% 9% 7% 7% 4% 2% 3% intermittent sources of energy Global Europe Japan US China 0% 5% 10% 15% 20% 25% 30% 35% Renewable Penetration (% Generation) ●CAISO SP15 ⚫ERCOT South • SPP South Source: Ascend Analytics, BP. (1) Congestion persistence = value of storage to real-time energy prices based on the frequency and magnitude of energy price spikes. The volatility correlates to the opportunity for storage to arbitrage in the energy market. CanadianSolar MAKE THE DIFFERENCE 30#31Energy storage entering exponential market growth phase Rapid cost reductions improving the economics of battery storage solutions $333 Capital cost for a fully-installed large 4h duration AC energy storage system, $/kWh The U.S. market to account for half of the global storage market over the next decade Energy Storage Annual Capacity Additions, GWh $299 $259 $221 $199 $181 $167 2 2019 2020 2022E 2024E 2026E 2028E 2030E Source: BNEF, Wood Mackenzie. Cumulative 2021-31: +27% CAGR 1.3 TWh 265 1 24 49 2016 2017 2018 2019 || 2020 2021 2022E 2023E 72 2024E 174 261 Rest of world 216 Japan 27 Europe 140 116 97 China 87 95 882 82 10 33 101 US 41 བྷྲ ༔ བྷྲ ༔ ༔ ༔ ཝཱ CanadianSolar MAKE THE DIFFERENCE 31#32Building a leadership position in battery storage CSIQ to deliver 1.8-1.9 GWh battery storage projects in 2022 (CSI Solar) Diversified solar business model + global presence = competitive advantage in identifying early storage market opportunities Deep understanding of power grids and power markets to identify the markets/locations that maximize the value of storage Battery Storage Solutions Integration (CSI Solar) Proprietary, integrated battery storage technological solutions Bankable fully-wrapped capacity and performance guarantees, supported by robust risk management strategies, financial modeling and warranty designs Long term operations & maintenance including battery capacity augmentation Battery Storage Project Development (Global Energy) Signing storage tolling and other off-take agreements with a variety of power purchasers Permitting/interconnection Financial modeling Fully integrated with solar development LTSA (Long Storage pipeline, MWh Contracted/ Term Service In Agreement) Construction Forecast Pipeline Total In Construction Backlog Pipeline Total 861 1,572 340 4,399 7,172 1,420 1,406 24,655 27,481 CanadianSolar MAKE THE DIFFERENCE 32#33Canadian Solar trades at an attractive valuation relative to peers... EV/EBITDA TTM 9.3x 15.0x 11.4x 29.9x 45.5x 27,883 30.5x 54,772 13.9x 10.4x 23,950 7,260 EV 6,306 4,248 (USD mn) 3,284 2,121 1,488 638 P/E TTM 25.4x 36.0x 34.6x 61.9x 25,397 63.7x 51.7x NA NA 21,002 57,555 Market Capitalization (USD mn) = 4/1 7,456 2,073 2,960 CanadianSolar A B C D E 1. The above relative valuation analysis is intended for illustration purposes only. Investors are encouraged to do their own due diligence based on own analysis of publicly available financial information. 2. NA: Not applicable due to negative earnings. 3. TTM Trailing Twelve Month data to the latest quarter available. 4. Canadian Solar's EV/EBITDA calculation can be viewed on the next slide. Source for peer multiples: Factset data, company filings. 5. Prices as of June 24, 2022, market close. FL G CanadianSolar MAKE THE DIFFERENCE 33#34....supported by solid earnings performance... Total Debt and Cash Breakdown (in thousands of USD) EBITDA Calculation 2Q21 3Q21 4Q21 1Q22 2Q21 3Q21 4Q21 1Q22 TTM Short-term borrowings 867 1,083 1,271 1,283 Total revenue Long-term borrowings on project assets 491 297 322 324 - current COGS 1,430 1,229 1,529 1,250 5,438 -1,245 -1,000 -1,228 -1,069 -4,542 Financing liabilities - current 30 12 Gross profit 185 229 301 181 896 Finance leases liabilities current - 6 19 19 17 Long-term borrowings 531 579 524 753 - Operating expenses -159 -176 -234 -165 -734 Convertible notes 224 224 225 225 Operating profit 26 53 67 16 162 Financing liabilities non-current 83 82 54 54 -/+ Other expenses/income 3 -7 12 -1 7 Finance leases liabilities - non-current 2 32 31 14 24 + Depreciation & amortization 64 81 77 66 288 Total debt 2,204 2,316 2,476 2,692 EBITDA (non-GAAP) 93 127 156 81 457 Cash and equivalents 814 868 870 845 Restricted cash - current: 494 487 561 849 Impairments 0 10 12 22 Total cash (for EV calculation) 814 868 870 845 Adjusted EBITDA 93 137 168 81 479 (non-GAAP)* Net debt 1,390 1,448 1,606 1,847 *EBITDA including impairments Market Capitalization $2,073 mn + Total Debt $2,692 mn Total Cash $845 mn + Non-Controlling Interests $326 mn Enterprise Value $4,248 mn EV/EBITDA TTM 9.3x/8.9x* 1. Source: Factset data, company filings. 2. Prices as of June 24, 2022, market close. 3. All Canadian Solar financials are actual reported values. For a reconciliation of GAAP to non-GAAP results, see accompanying table "GAAP to Non-GAAP Reconciliation" on slide 41. 4. A previous version of this table included restricted cash to secure debt in the net debt calculation - the latest version excludes all restricted cash and is a stricter measure of leverage. Non cash items may be subject to revision. CanadianSolar MAKE THE DIFFERENCE 34#35....and a strong balance sheet with adequate and stable leverage 11.2x 9.1x Total and Net Debt to EBITDA 7.9x 6.3x 5.8x 5.2x 5.2x 4.5x 3.9x 3.7x 3.3x 2.9x 2.9x 2.4x 2016 2017 2018 2019 2020 2021 1Q22 TTM Total debt to EBITDA Net debt to EBITDA* Note: Net debt calculation nets out unrestricted cash only. Total and net debt to EBITDA at 5.8x and 3.9x respectively Excluding non-recourse debt, the ratios. would be c.1.2x lower CanadianSolar MAKE THE DIFFERENCE 35#36Strategically-minded management team with excellent track record Dr. Shawn Qu Chairman Chief Executive Officer Yan Zhuang President CSI Solar Co., Ltd. Dr. Huifeng Chang Senior VP Chief Financial Officer Ismael Guerrero Corporate VP President of Energy Group Jianyi Zhang Senior VP Chief Compliance Officer Guangchun Zhang Senior VP CSI Solar Co., Ltd. Hanbing Zhang Chief Sustainability Officer CSI Solar Co., Ltd. Founded Canadian Solar in 2001 with NASDAQ IPO in 2006 ✰ Director & VP at Photowatt International S.A. *Research scientist at Ontario Hydro (Ontario Power Generation) ✰ Head of Asia of Hands-on Mobile, Inc. ✰ Asia Pacific regional director of marketing planning and consumer insight at Motorola Inc. ✰ Co-Head of Sales & Trading at CICC US in New York ✰ CEO of CSOP Asset Management in Hong Kong ✰ Vice President of Citigroup Equity Proprietary Investment in New York ✰ President, Head of Origination and COO at TerraForm Global ✰ Vice President of Global Projects at Canadian Solar ✰ Director of Operations for Asia at the Global Sustainable Fund ✰ Senior advisor to several Chinese law firms ✰ Senior assistant general counsel at Walmart Stores, Inc. Managing Partner at Troutman Sanders LLP * Vice President for R&D and Industrialization of Manufacturing Technology at Suntech Power Holdings ✰ Centre for Photovoltaic Engineering at the University of New South Wales and Pacific Solar Pty. Limited ✰ Global Head of Marketing at Canadian Solar ✰ Founder and President of Women in Solar Energy, an industry association to promote the participation and career development of women in the solar industry CanadianSolar MAKE THE DIFFERENCE 36#37V-SP801D A801D FINANCIALS CanadianSolar MAKE THE DIFFERENCE 37#38Disciplined management of opex, working capital and capex Operating Expenses as % of Revenue Working Capital Days (1) Total operating expenses Days 2020 2021 2Q21 3Q21 4Q21 1Q22 11.0% 14.4% 13.5% 13.6% 13.5% Inventory turnover 63 89 76 107 89 120 7.8% 6.5% 6.4% Accounts 5.6% 41 46 39 59 46 55 4.4% receivable turnover Selling & distribution expenses Accounts payable turnover 117 123 108 144 110 148 Cash conversion cycle -13 12 7 22 25 27 7.6% 6.6% 6.5% 5.9% General & 5.6% administrative expenses Capital Expenditures (2) 11.7% 8.2% 8.4% 9.1% 9.6% 8.1% c.850 1.5% 430 1.2% 1.3% 1.1% 320 Research & development 1.1% 280 290 330 expenses 2018 2019 2020 2021 1Q22 TTM 2017 2018 2019 2020 Capex, $mn 2021 Capex as % of revenue 1) Inventory turnover days calculated as average gross inventory (adding back provisions) divided by cost of revenues x365 Account receivables days calculated as average gross accounts receivable (adding back bad debt allowance) divided by total revenues x365. Accounts payable days calculated as average accounts payable divided by cost of revenues x365. 2) Capex for PP&E only (does not include capex related to project development). 2022E CanadianSolar MAKE THE DIFFERENCE 38#39Consolidated income statement USD millions except per share data 2019 2020 2021 yoy Net Revenue 3,201 3,476 5,277 52% 1,089 1Q21 2Q21 1,430 3Q21 4Q21 1Q22 ༠༠q yoy 1,229 1,529 1,250 -18% 15% Cost of revenues -2,482 -2,787 -4,368 57% -895 -1,245 -1,001 -1,228 -1,069 -13% 20% Gross profit 718 690 909 32% 195 185 229 301 181 -40% -7% Selling and distribution expenses -180 -224 -399 78% -84 -84 -102 -129 -109 -16% 29% General and administrative expenses -243 -226 -309 37% -67 -69 -83 -90 -63 -30% -7% B Research and development expenses -47 -45 -58 29% -12 -13 -13 -19 -13 -31% 7% " NO Other operating income, net 11 26 47 13 7 23 5 20 Total operating expenses, net -460 -469 -719 53% -151 -158 -176 -234 -165 -29% 9% Income from operations 259 220 190 -14% 43 26 53 67 16 -77% -64% Net interest expense -69 -63 -47 -11 -12 -11 -13 -11 Gain (loss) on change in fair value of NO -22 50 24 13 -12 10 10 13 -25 " derivatives B B - B Foreign exchange gain (loss) 10 -65 -47 -20 9 -24 -13 28 " Investment income (loss) 2 -9 19 1 5 m 9 -6 806 Income tax benefit (expense) Equity in earnings of unconsolidated investees 29 ¥གླ -42 2 -36 -14 2 3 11 7 " - 1 4 Net income 167 147 110 Less: net income attributable to non-controlling interests -5 0 15 170 14 19 38 -9 7 3 2201 +00 -27 NO 52 40 9 " " 14 0 Net income attributable to Canadian Solar Inc. 172 147 95 -35% 23 11 35 26 9 -65% -60% Earnings per share - basic 2.88 2.46 1.55 0.38 0.19 0.56 0.41 0.14 Earnings per share - diluted 2.83 2.38 1.46 (3) -63% 0.36 0.18 0.52 (1) (2) 0.39 0.14 -64% -61% 1) We increased our issued share base by 1.1 million and 2.6 million shares during Q3 2021 and year-to-date with our ATM offering program. In addition, our Q3 diluted EPS was adjusted for 6.3 million shares to count for additional shares had our convertible bond been fully converted into equity. 2) We increased our issued share base by 1.0 million during Q4 2021 with our ATM offering program. Earnings per share - diluted includes the dilutive effect of the $230 million aggregate principal amount of convertible notes issued in 2020. For the three months ended December 31, 2021, diluted EPS of $0.39 was calculated from total earnings of $27 million, including 2.5% coupon of $1.3 million, divided by 70.5 million diluted shares outstanding, including 6.3 million shares issuable upon the conversion of the convertible notes. 3) We increased our issued share base by 3.6 million shares for the full year 2021 with our ATM offering program. For the twelve months ended December 31, 2021, diluted EPS of $1.46 was calculated from total earnings of $101 million, including 2.5% coupon of $5.3 million, divided by 68.9 million diluted shares outstanding, including 6.3 million shares issuable upon the conversion of the convertible notes. CanadianSolar MAKE THE DIFFERENCE 39#40Summary balance sheet USD millions Cash and cash equivalents Restricted cash current Accounts receivable Inventories Project assets - current Other current assets 4Q19 1Q20 2Q20 3Q20 4Q20 1Q21 2Q21 3Q21 4Q21 1Q22 669 I 619 579 1,103 1,179 I 981 814 868 870 845 ! ! 527 I 494 399 445 458 I 539 494 487 561 845 T T 437 385 422 494 409 396 625 742 652 " 728 554 I I 632 547 625 696 934 1,130 1,213 1,192 D 1,629 I 604 | 583 654 544 748 I 756 563 661 594 683 + + 462 | 600 595 711 696 802 736 986 903 964 I I Total current assets 3,253 3,313 3,196 3,921 4,186 4,408 4,362 4,957 4,772 5,694 Restricted cash non-current 10 I 10 17 14 3 I 3 3 2 4 4 M - Property, plant and equipment 1,046 I 977 970 989 1,158 | 1,265 1,398 1,367 1,402 1,382 " B I | Net intangible assets and goodwill 23 22 22 22 22 21 20 19 19 18 I I Project assets - non-current 483 I 442 493 589 390 I 327 390 423 433 526 " Solar power systems 53 I 51 50 87 158 I 155 160 109 108 108 " T Investments in affiliates 153 68 79 78 78 74 63 83 99 99 B I I Other non-current assets 446 I 433 432 491 542 I 586 629 522 551 542 Total non-current assets 2,214 I 2,003 2,063 2,271 2,351 I 2,431 2,663 2,525 2,616 2,679 B TOTAL ASSETS 5,467 5,316 5,259 6,193 I 6,537 I 6,839 7,025 7,482 7,388 8,373 Short-term borrowings 933 I 910 1,016 1,065 1,202 1,217 867 1,083 1,271 1,283 + + Long-term borrowings on project assets-current 286 | 183 180 238 199 I 264 491 297 322 324 Accounts and notes payable | 1,131 | 1,048 933 1,103 1,225 I 1,395 I 1,579 1,617 1,384 2,130 D Other payables Other current liabilities 446 I 410 449 458 509 I 588 658 704 668 669 + | 296 I 282 213 306 453 410 274 477 393 355 Total current liabilities Long-term borrowings Convertible notes 3,092 I T 2,833 2,791 3,170 3,588 3,874 3,869 4,178 4,038 4,761 | I 619 | 666 580 624 446 I 467 531 579 524 753 i 0 I 0 0 223 223 I 224 224 224 225 225 Other non-current liabilities 331 324 339 360 387 400 437 467 475 489 Total non-current liabilities 950 | 989 919 1,207 1,056 I 1,091 1,192 1,270 1,224 1,467 i TOTAL LIABILITIES 4,042 I 3,823 3,710 4,377 4,644 | 4,965 5,061 5,448 5,262 6,228 I Common shares 704 686 686 687 687 687 745 793 836 836 I Retained earnings 794 I 904 925 934 940 I 963 974 1,010 1,036 1,045 i Other equity -105 I -138 -103 -120 -56 I -80 -68 -90 -71 -63 Total Canadian Solar Inc. shareholders' equity Non-controlling interests 1,393 1,452 1,508 1,501 1,571 1,570 1,651 1,713 1,801 1,818 I I 32 I 41 41 315 322 I 304 313 321 325 327 i i TOTAL EQUITY 1,425 I 1,493 1,549 1,816 1,893 I 1,874 1,964 2,034 2,126 2,145 CanadianSolar MAKE THE DIFFERENCE 40#41GAAP to non-GAAP reconciliation In USD millions FY20 FY21 4Q21 1Q22 GAAP net income 147 110 40 9 Add back: Income tax expense -2 36 26 -5 (benefit) Net interest expense 63 47 13 11 Non-GAAP EBIT 208 193 79 15 Add back: Depreciation & 208 283 77 66 amortization Non-GAAP EBITDA 415 476 156 81 Add back: Impairments 30 23 12 0 Non-GAAP 445 499 168 81 adjusted EBITDA To supplement financial disclosures presented in accordance with GAAP, the Company uses non-GAAP measures which are adjusted from the most comparable GAAP measures for certain items as described herein. The Company presents non-GAAP values for EBITDA so that readers can better understand the underlying operating performance of the business, excluding the effect of non-cash costs such as depreciation, amortization and impairments. The non-GAAP numbers are not measures of financial performance under U.S. GAAP, and should not be considered in isolation or as an alternative to other measures determined in accordance with GAAP. These non-GAAP measures may differ from non-GAAP measures used by other companies, and therefore their comparability may be limited. CanadianSolar MAKE THE DIFFERENCE 41#42CanadianSolar 1474 Thank you CSIQ Nasdaq Listed