On January 9, 2026, Canadian Solar Inc. successfully priced a private offering of US $200 million aggregate principal amount of convertible senior notes due 2031 to qualified institutional buyers under Rule 144A. The initial purchasers received an option to purchase up to an additional US $30 million in aggregate principal amount of the Notes within 13 calendar days of issuance. The company expects to close the transaction on or about January 13, 2026, subject to customary closing conditions.

Canadian Solar estimates net proceeds of approximately US $194.6 million, rising to around US $223.9 million if the full US $30 million option is exercised, after deducting the initial purchasers’ discount and offering expenses. The company intends to allocate these funds primarily to expand U.S. manufacturing capacity, invest in its battery energy storage and solar power value chain, and support working capital and general corporate purposes.

The unsecured Notes carry a 3.25% annual interest rate, payable semi-annually on January 15 and July 15, starting July 15, 2026, and mature January 15, 2031. Holders may convert their Notes at any time before the third business day preceding maturity, at an initial conversion rate of 36.1916 common shares per US $1,000 principal amount, equating to a conversion price of approximately US $27.63 per share—a 42.5% premium over the last reported sale price on January 8, 2026. Beginning January 22, 2029, Canadian Solar may redeem the Notes for cash if its share price trades at or above 130% of the then-effective conversion price on at least 20 of any 30 consecutive trading days. The Notes also feature customary tax and fundamental change repurchase provisions at 100% of principal plus accrued interest.