PRESS

SAN FRANCISCO — July 1, 2020 — Idemitsu Renewables announced today it has closed tax equity financing for its 50 MWp Central 40 solar project in Stanislaus County, California and its 80MWp Pioneer Solar project in Adams County, Colorado. Both projects are under construction and will begin operating in the fall of 2020.

The tax equity syndicate was arranged by RBC Capital Markets.

“We’re happy to announce this new partnership,” said Cary Vandenberg, Managing Director of Idemitsu Renewables. “It demonstrates the market’s confidence in us and the solar power industry as a whole even in the midst of a global pandemic.”

“Idemitsu Renewables has been a strong partner from the beginning,” said Yonette Chung McLean, Managing Director at RBC Capital Markets. “Our syndicate partners appreciated the strengths of the organization and the credit quality of the projects. We are especially pleased to have raised tax equity for both projects given the challenges in the current market and we look forward to the successful completion of Pioneer and Central 40.”

Pioneer will sell power to Intermountain Rural Electric Association (IREA), a nonprofit electric distribution cooperative based in Sedalia, Colorado, and Central 40 will sell power to Silicon Valley Power, which serves the City of Santa Clara, California.

About Idemitsu Renewables (formerly Solar Frontier Americas)
Idemitsu Renewables, the U.S. based renewable energy subsidiary of Idemitsu Kosan Co.,Ltd, is a leading solar and energy storage developer and independent power producer. The company acquires, develops, owns, and operates utility-scale solar power generation plants and sells clean energy to help communities both economically and ecologically. With offices in California and Nevada, Idemitsu Renewables continues to develop its growing pipeline of energy projects. Learn more at https://idemitsurenewables.com/.

Media Relations for Idemitsu Renewables:
Jill Hansen
Tel: +1-925-997-5956
Email: jill@hansenre.com

Foundation piles being driven during construction of Central 40, Idemitsu Renewables’ utility-scale solar project a few hours southeast of San Jose, CA.

SAN FRANCISCO — June 29, 2020 — Idemitsu Renewables, the US-based renewable energy business of Idemitsu Kosan Co.,Ltd, announced today it has closed on debt financing for its 50 MWp Central 40 solar project in Stanislaus County, California.

Debt financing was provided by KeyBank National Association. KeyBanc Capital Markets served as sole arranger of the financing.

“This project expands Idemitsu Renewables’ operating business in California,” said Cary Vandenberg, Managing Director of Idemitsu Renewables. “We were happy to build upon our existing relationship with KeyBank and to close a successful transaction even amidst the difficulty of the current COVID environment.”

“As a part of our continuing support for renewable energy, we are pleased to support the growth of Idemitsu Renewables’ solar business in California,” said Andrew Redinger, Manager Director & Group Head, Utilities Power & Renewables at KeyBanc Capital Markets.

The renewable power generated by Central 40 will be sold through a power purchase agreement with Silicon Valley Power, which serves the City of Santa Clara.

About Idemitsu Renewables (formerly Solar Frontier Americas)
Idemitsu Renewables, the U.S. based renewable energy subsidiary of Idemitsu Kosan Co.,Ltd, is a leading solar and storage developer and IPP. The company acquires, develops, owns, and operates utility-scale solar power generation plants; selling the clean energy to help communities both economically and ecologically live in healthier environments. With offices in California and Nevada, Idemitsu Renewables continues to develop its growing pipeline of energy projects. Learn more at https://idemitsurenewables.com/.

About KeyCorp
KeyCorp’s (NYSE: KEY) roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $141.5 billion at March 31, 2019. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of over 1,100 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit www.key.com. KeyBank is Member of FDIC.

Idemitsu Renewables Media Relations:
Jill Hansen
Tel: +1-925-997-5956
Email: jill@hansenre.com

San Francisco, CA, June 22, 2020 –Solar Frontier Americas (SFA), announced it is changing its name to Idemitsu Renewables. Idemitsu Renewables is the US-based renewable energy business of Idemitsu Kosan Co.,Ltd. (Idemitsu, pronounced “ee-deh-mee-tsu”), one of the largest energy companies in Japan, following the 2019 merger of Idemitsu and Showa Shell Sekiyu K.K.

“The new name underscores Idemitsu Kosan’s commitment to expanding its U.S. renewable energy business by leveraging its significant balance sheet to accelerate growth in the vibrant U.S. solar and storage sectors,” said Cary Vandenberg, Managing Director of Idemitsu Renewables. “Idemitsu’s strong support will hasten the growth of our independent power producer (IPP) and development business and bolster our national expansion through acquisitions of solar and storage projects, co-development partnerships, and greenfield development activities.”

With offices in San Francisco and Reno, Idemitsu Renewables develops, finances, owns and operates utility-scale solar and storage projects. The company first developed and built projects in California and has expanded development on a national scale with emphasis on the western states and PJM markets. Idemitsu Renewables currently manages a multi-gigawatt portfolio in various stages of development.

“Idemitsu Kosan has a 109-year history of success and innovation with strong international expertise. Our vision today is toward a diversified and resilient energy platform that better serves the world. Renewable energy is one of our two strategic areas for growth and we have a 4-gigawatt renewable energy portfolio goal with the majority of this level coming from Idemitsu Renewables.” commented Shunichi Kito, Representative Director and CEO of Idemitsu.

About Idemitsu Renewables (formerly Solar Frontier Americas)
Idemitsu Renewables, the U.S. based renewable energy subsidiary of Idemitsu Kosan Co.,Ltd, is a leading solar and energy storage developer and independent power producer. The company acquires, develops, owns, and operates utility-scale solar power generation plants and sells clean energy to help communities both economically and ecologically. With offices in California and Nevada, Idemitsu Renewables continues to develop its growing pipeline of energy projects. Learn more at https://idemitsurenewables.com/.

Idemitsu Renewables Media Contact
Jill Hansen
Jill@hansenRE.com
925-997-5956

SAN FRANCISCO, Dec. 18, 2019 – Solar Frontier Americas (SFA), the US-based renewable energy business of Idemitsu Kosan Co., Ltd, announced today it has closed on the tax equity commitment and debt financing for its 210 MWp Mustang Two solar project in Kings County, California.

Lenders for the approximately $176 million construction-to-term facility are KeyBank N.A. and Mizuho Bank, Ltd. Morgan Stanley Renewables Inc. has committed to make up to $120 million in tax equity financing for Mustang Two. CohnReznick Capital served as financial advisor and Stoel Rives served as Solar Frontier Americas’ counsel in the deal.

Located on a 1,400 acre site, the Mustang Two project is currently under construction and is slated to begin commercial operation in 2020. Once complete, the project will be owned and operated by Solar Frontier Americas.

“Obtaining financing from these top tier lenders and tax equity provider is yet another major milestone and accomplishment for Solar Frontier Americas’ IPP and development business. SFA and our parent company, Idemitsu, continue to expand our US business with extraordinary partners dedicated to the growth of renewable power,” said Charles Pimentel, CEO of Solar Frontier Americas’ IPP business unit.

“KeyBanc Capital Markets is also pleased to serve as an arranger on the financing to support Solar Frontier Americas in this milestone project,” said Andrew Redinger, Manager Director & Group Head, Utilities Power & Renewables at KeyBanc Capital Markets.

The 210 MWp solar farm represents SFA’s largest project and financing to date. Recent projects include the acquisition of a 100 MW solar farm in Colorado and a 50.5 MW project in Stanislaus County, California.

“Mizuho is proud to partner with Solar Frontier Americas, an important Japan-based global client relationship,” said Naoki Matsunaga, Vice President of Project Finance at Mizuho Bank, Ltd. “As the first Asian bank to adopt the Equator Principles, Mizuho is focused on finding and financing such innovative renewable energy projects. It is especially gratifying that part of the deal is supplying energy to one of California’s community choice aggregators, amplifying the benefit in a state with pressing renewable energy goals.”

“We are proud to partner with Solar Frontier Americas to continue developing and investing in the growth of renewable energy in the U.S.,” said Jorge Iragorri, Managing Director at Morgan Stanley.

The renewable power generated by Mustang Two will be sold through power purchase agreements with Peninsula Clean Energy, which serves San Mateo County, and Modesto Irrigation District. The combined energy generation from the two contracts will power 37,500 homes with clean electricity.

About Solar Frontier Americas

Solar Frontier Americas (SFA), a U.S. based subsidiary of Idemitsu, is a growing independent power producer and solar development firm. The vertically-integrated energy company acquires, develops, owns and operates high-yield, utility-scale solar power generation plants; selling the clean energy to help communities both economically and ecologically live in healthier environments. With offices in California and Nevada, SFA continues to develop its growing pipeline of over 1 GW of utility-scale projects.

About KeyCorp

KeyCorp’s roots trace back 190 years to Albany, New York. Headquartered in Cleveland, Ohio, Key is one of the nation’s largest bank-based financial services companies, with assets of approximately $146.7 billion at September 30, 2019. Key provides deposit, lending, cash management, and investment services to individuals and businesses in 15 states under the name KeyBank National Association through a network of over 1,100 branches and more than 1,500 ATMs. Key also provides a broad range of sophisticated corporate and investment banking products, such as merger and acquisition advice, public and private debt and equity, syndications and derivatives to middle market companies in selected industries throughout the United States under the KeyBanc Capital Markets trade name. For more information, visit www.key.com. KeyBank is Member of FDIC.

About Mizuho Bank

Mizuho Americas is a leading financial institution comprising several legal entities, which together offer clients corporate and investment banking, financing, securities, treasury services, asset management, research and more. With professionals in offices throughout the US, Canada, Mexico, Brazil and Chile, Mizuho’s operations in the Americas connect a broad client base of major corporations, financial institutions and public sector groups to local markets and a vast global network. Learn more at mizuhoamericas.com. Mizuho Americas is an integral part of the Japan-based Mizuho Financial Group, Inc. Mizuho Financial Group is one of the largest financial institutions in the world, offering comprehensive financial and strategic services including private banking and venture capital through its subsidiaries. The group has over 900 offices and 60,000 employees worldwide in nearly 40 countries throughout the Americas, EMEA, and Asia. As of December 31, 2018, its total assets were $1.8 trillion. Learn more about Mizuho Financial Group at www.mizuho-fg.com.

About Morgan Stanley

Morgan Stanley is a leading global financial services firm providing investment banking, securities, wealth management and investment management services. With offices in 41 countries, the Firm’s employees serve clients worldwide including corporations, governments, institutions and individuals. For more information about Morgan Stanley, please visit www.morganstanley.com.

SAN FRANCISCO, Sept. 18, 2019 – Solar Frontier Americas (“SFA”), the US-based renewable energy business of Idemitsu Kosan Company, announced that it has further expanded its power generation portfolio with the acquisition of a 50.5 MWDC solar project purchased from CS Solar, joint venture company of Samsung Solar Energy. The project is located in Stanislaus County, California, a few hours southeast of San Jose. Power from the project will be supplied to Silicon Valley Power (the not-for-profit municipal utility of Santa Clara, California) through a power purchase agreement (PPA).

“With a long track record of working with leading investor-owned utilities, munis and community choice aggregators, and the financial strength of our global organization, Solar Frontier Americas continues to pursue large-scale project acquisitions to grow our wholesale renewable energy power business,” said Charles Pimentel, CEO of Solar Frontier Americas’ IPP business unit.

Construction on the Central 40 solar project is expected to begin in 2020 with the project coming online later that year. Solar Frontier Americas will be the long-term owner and operator.

“Samsung Solar Energy is pleased to sell this project which we developed with Coldwell Solar, to an organization with the utility-scale development expertise and power generation management capabilities of Solar Frontier Americas. There continues to be strong demand for solar projects well-managed through the development stage. As a leading renewable energy project developer, we’re well positioned to deliver on that demand,” commented Seung-gul Lee, President and CEO of Samsung C&T America Inc, a parent company of Samsung Solar Energy.

“The Solar Frontier Americas’ project will support Santa Clara’s commitment to environmental responsibility and achieving a carbon-neutral electric supply,” noted Manuel Pineda, Chief Electric Utility Officer for Silicon Valley Power, the municipal utility of Santa Clara. “We are pleased to partner with Solar Frontiers America on this clean energy project.”

About Solar Frontier Americas
Solar Frontier Americas (SFA), a U.S. based subsidiary of Idemitsu Kosan Company, is a growing independent power producer and solar development firm. The vertically-integrated energy company acquires, develops, owns and operates high-yield, utility-scale solar power generation plants; selling the clean energy to help communities both economically and ecologically live in healthier environments. With offices in California and Nevada, SFA continues to develop its growing pipeline of over 1 GW of utility-scale projects.

SAN FRANCISCO, Sept. 10, 2019 – Solar Frontier Americas (“SFA”), the US-based renewable energy business of Idemitsu Kosan Company announced that it has continued to grow it’s business as an independent power producer, through the acquisition of a 100 MWDC solar plant from GCL New Energy, Inc., a member of GCL New Energy Holdings Limited. The project is located east of Denver, Colorado, in Adams County, and is currently in the final stages of development. Construction is expected to begin in the latter part of 2019, and it will serve a power purchase agreement (PPA) with Intermountain Rural Electric Association (IREA), a nonprofit electric distribution cooperative based in Sedalia, Colorado. IREA serves over 160,000 customers in 11 Colorado counties.

“A shift is underway with traditional fossil fuel providers to support investments for clean energy that benefit the future of our environment and society. This acquisition exemplifies Solar Frontier Americas, and our parent company, Idemitsu’s commitment to furthering the sustainability of our society through the use of clean renewable power,” said Charles Pimentel, CEO of Solar Frontier Americas’ IPP business unit.

Solar Frontier America’s acquisition of the Pioneer Solar Project adds to their most recent successes including the acquisition of a 210 MWDC solar project located in Kings County, California and the signing of a 56 MW PPA with a California-based Community Choice Aggregator (CCA).

Frank Zhu, Executive President of GCL New Energy, Inc., commented, “This project transaction demonstrates Solar Frontier Americas prowess in the acquisition of quality projects. GCL leverages it’s global knowledge to deliver the highest caliber of quality in our solar project development on our path to becoming one of the most respected global energy leaders in the world.”

Patrick Mooney, Chief Executive Officer of IREA, said, “We are pleased that Solar Frontier Americas is purchasing the Pioneer Solar project and look forward to working with them through the power purchase agreement to provide renewable solar energy to our customers at a low, fixed cost for years to come.”

About Solar Frontier Americas
Solar Frontier Americas (SFA), a U.S. based subsidiary of Idemitsu, is a growing independent power producer and solar development firm. The vertically-integrated energy company acquires, develops, owns and operates high-yield, utility-scale solar power generation plants; selling the clean energy to help communities both economically and ecologically live in healthier environments. With offices in California and Nevada, SFA continues to develop its growing pipeline of over 1 GW of utility-scale projects.

GUELPH, Ontario and SAN FRANCISCO, Dec. 18, 2018 – Canadian Solar Inc. (“Canadian Solar”) (NASDAQ: CSIQ), one of the world’s largest solar power companies today announced its wholly owned subsidiary Recurrent Energy LLC (“Recurrent Energy”) has completed the sale of its 150 MWac/210 MWp Mustang Two solar project to Solar Frontier Americas (“SFA”).

“The Mustang Two transaction is the latest example of the strong demand we see globally for Canadian Solar’s high quality solar assets, given our ability to partner at various points in a project’s development.” said Shawn Qu, chairman and chief executive officer of Canadian Solar. “We are pleased to partner in this transaction with Solar Frontier Americas, given its extensive solar project development and construction experience.”

Located on 1,400 acres in Kings County, California, the Mustang Two project is expected to create approximately 400 jobs during peak construction. In this partnership, Recurrent Energy will continue to manage the development of the project, readying it for construction; Solar Frontier Americas will finance and manage the construction of the project, which is slated to achieve commercial operation in 2020. The project will then be operated by Solar Frontier Americas’ growing independent power producer (“IPP”) business.

“With this important acquisition, SFA further expands its U.S. business to become an independent power producer, an owner of operating electric power facilities,” said Charles Pimentel, CEO of Solar Frontier Americas’ IPP business unit. “We already have a substantial greenfield pipeline and are actively acquiring utility-scale projects and development assets to further scale our business.”

Once the project is operational, the energy generated by the solar power facility will be split between two long-term power purchase agreements: Peninsula Clean Energy (the community choice energy agency which serves San Mateo County) is contracted to receive 100 MWac, and the Modesto Irrigation District will acquire 50 MWac. The combined energy generation from the two PPAs will power 37,500 homes with clean electricity.

About Solar Frontier Americas

Solar Frontier Americas, a U.S. based subsidiary of Showa Shell Sekiyu K.K. (a global energy solutions company), is a growing independent power producer, solar developer and module supplier. The vertically-integrated energy company acquires, develops, owns and operates high yield utility-scale solar power generation plants; selling the clean energy to help communities both economically and ecologically live in healthier environments. With offices in California and Nevada, SFA continues to develop its growing pipeline of over 1 GW of utility-scale projects. Part of a longstanding organization recognized internationally for their dedication to excellence in quality and service, SFA continues that tradition in their North American renewable energy business. Learn more at www.solar-frontier.com.

About Recurrent Energy

Recurrent Energy is a leading utility-scale solar and energy storage project developer, delivering competitive, clean electricity to large energy buyers. Based in the U.S., Recurrent Energy is a wholly owned subsidiary of Canadian Solar Inc. and functions as Canadian Solar’s U.S. project development arm. Recurrent Energy has approximately 5 GW of solar and storage projects in development in the U.S. Additional details are available at www.recurrentenergy.com.

About Canadian Solar Inc.

Founded in 2001 in Canada, Canadian Solar is one of the world’s largest and foremost solar power companies. As a leading manufacturer of solar photovoltaic modules and provider of solar energy solutions, Canadian Solar also has a geographically diversified pipeline of utility-scale power projects in various stages of development. In the past 17 years, Canadian Solar has successfully delivered over 30 GW of premium quality modules to over 150 countries around the world. Furthermore, Canadian Solar is one of the most bankable companies in the solar industry, having been publicly listed on NASDAQ since 2006. For additional information about the company, follow Canadian Solar on LinkedIn or visit www.canadiansolar.com.

Canadian Solar’s 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 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 Japan, the U.S., India and China; 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; delays in utility-scale project approval process; delays in utility-scale project construction; delays in the completion of project sales; 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 April 26, 2018. 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. Investors 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.

SOURCE Canadian Solar Inc.

Related Links
http://www.canadiansolar.com