Friday, July 20, 2007

CSI Received US$50 Million Syndicated Loan

July 19, 2007: 07:46 AM EST

JIANGSU, China, July 19 /Xinhua-PRNewswire/ -- Canadian Solar Inc. (''the Company'', or ''CSI'') announced today that it has signed an aggregate US$50 million syndicated loan agreement with Industrial and Commercial Bank of China (ICBC) and Communication Bank of China. The majority of this loan will be used for the expansion of CSI's solar cell manufacturing facilities in the Suzhou New District. This new loan agreement, together with other existing banking arrangements, provides CSI with approximately US$90 million in available credit lines. CSI also signed strategic partnership agreements with both banks, which pledged continuous support to CSI's five- year growth plan.

Dr. Shawn Qu, Chairman and Chief Executive Officer of CSI, together with other representatives from CSI and the bank syndicate were present at the signing ceremony held in Jiangsu, China.

Dr. Shawn Qu, Chairman and CEO of CSI, said, ''We appreciate the support of our local banks as they continue to be supportive, long-term strategic partners. This credit agreement is very positive for CSI, as it enables us to execute our long-term growth plan without causing any dilution to shareholders. We have already completed our second 25MW cell line, currently in test run. We expect this second line to be at full production in August. We continue to expect lines three and four to be completed for full production in the fourth quarter. By then, CSI will have 100MW of annual cell manufacturing capacity. CSI remains well-positioned for continued fast growth given our global customer base, reputation for high quality modules, and the financial strength to support the increased customer demand levels.''

About Canadian Solar Inc.

Founded in 2001, Canadian Solar Inc. (CSI) is a vertically integrated manufacturer of solar cell, solar module and customer-designed solar application products serving worldwide customers. CSI is incorporated in Canada and conducts all of its manufacturing operations in China. Backed by years of experience and knowledge in the solar power market and the silicon industry, CSI has become a major global provider of solar power products for a wide range of applications. For more information, please visit .

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