Canadian Solar Inc. Announces Proposed Private Offering of US$75 Million of Convertible Senior Notes

Canadian Solar Inc. Announces Proposed Private Offering of US$75 Million of Convertible Senior Notes

November 30, 2007

    JIANGSU, China, Nov. 30 /Xinhua-PRNewswire/ -- Canadian
Solar Inc. (Nasdaq: CSIQ) today announced that it plans to
make a private offer, subject to market conditions and
other factors, of approximately US$75 million of its
convertible senior notes due 2017.  Canadian Solar intends
to grant the initial purchaser of the notes an option to
purchase up to an additional US$11.25 million in aggregate
principal amount of the notes to cover overallotments.  
    Canadian Solar anticipates using the net proceeds from
the offering for working capital, general corporate
purposes and potential future acquisitions.  The interest
rate, conversion rate, offering price and other terms and
timing of the offering have not been finalized and will be
determined by negotiations between Canadian Solar and the
initial purchaser of the notes.  
    The notes will be offered to qualified institutional
buyers pursuant to Rule 144A under the Securities Act of
1933.  The notes and Canadian Solar’s common shares
issuable upon conversion of the notes have not been
registered under the Securities Act or the securities laws
of any other jurisdiction and may not be offered or sold in
the United States without registration or an applicable
exemption from the registration requirements of the Act and
applicable state securities laws.  
    This press release does not constitute an offer to sell
or the solicitation of an offer to buy the securities.  Any
offers of securities will be made only by means of a
private offering memorandum.  
    This press release contains information about pending
transactions, and there can be no assurance that these
transactions will be completed.

    For more information, please contact:

    In Jiangsu, P.R. China
     Bing Zhu, Chief Financial Officer 
     Canadian Solar Inc.
     Tel:   [phone]
     Email: [e-mail]

    In the U.S.
     David Pasquale
     The Ruth Group
     Tel:   [phone]
     Email: [e-mail]