<SEC-DOCUMENT>0001104659-25-005752.txt : 20250124
<SEC-HEADER>0001104659-25-005752.hdr.sgml : 20250124
<ACCEPTANCE-DATETIME>20250124060328
ACCESSION NUMBER:		0001104659-25-005752
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20250124

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Canadian Solar Inc.
		CENTRAL INDEX KEY:			0001375877
		STANDARD INDUSTRIAL CLASSIFICATION:	SEMICONDUCTORS & RELATED DEVICES [3674]
		ORGANIZATION NAME:           	04 Manufacturing
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-82485
		FILM NUMBER:		25551512

	BUSINESS ADDRESS:	
		STREET 1:		4273 KING STREET EAST, SUITE 102
		CITY:			KITCHENER
		STATE:			A6
		ZIP:			N2P 2E9
		BUSINESS PHONE:		519-837-1881

	MAIL ADDRESS:	
		STREET 1:		66 WELLINGTON STREET WEST
		STREET 2:		SUITE 4100
		CITY:			TORONTO
		STATE:			A6
		ZIP:			M5K 1B7

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Pacific Alliance Group Ltd
		CENTRAL INDEX KEY:			0001684210
		ORGANIZATION NAME:           	
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G

	BUSINESS ADDRESS:	
		STREET 1:		PO BOX 472, 2ND FLOOR, HARBOUR PLACE
		STREET 2:		103 SOUTH CHURCH STREET
		CITY:			GEORGE TOWN, GRAND CAYMAN
		STATE:			E9
		ZIP:			KY1-1106
		BUSINESS PHONE:		1 (345) 949-0699

	MAIL ADDRESS:	
		STREET 1:		33/F THREE PACIFIC PLACE
		STREET 2:		1 QUEEN'S ROAD EAST
		CITY:			HONG KONG
		STATE:			K3
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:com="http://www.sec.gov/edgar/common">
  <headerData>
    <submissionType>SCHEDULE 13G</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <!-- Field: Pseudo-Tag; ID: Name; Data: Pacific Alliance Group Ltd -->
          <cik>0001684210</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <securitiesClassTitle>Common shares, no par value</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>01/17/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001375877</issuerCik>
        <issuerName>Canadian Solar Inc.</issuerName>
        <issuerCusip>136635109</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <com:street1>545 Speedvale Avenue West</com:street1>
          <com:city>Guelph</com:city>
          <com:stateOrCountry>A6</com:stateOrCountry>
          <com:zipCode>N1K 1E6</com:zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>PAG Castle Holdings Pte. Ltd.</reportingPersonName>
      <citizenshipOrOrganization>U0</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>8241765.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>8241765.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>8241765.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>11.1</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>The beneficial ownership reported herein represents 8,241,765 common shares issuable upon conversion of the convertible notes that PAG Castle Holdings Pte. Ltd. ("PAG Castle") has acquired or is entitled to acquire at any time within the next 60 days (all of which are or shall be immediately convertible).

The percentage is calculated based on the sum of (i) 66,158,741 common shares issued and outstanding as of December 31, 2023, as reported in the Issuer's annual report on Form 20-F filed on April 26, 2024 and (ii) 8,241,765 common shares issuable upon conversion of the convertible notes that PAG Castle may be deemed to beneficially own.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>PAGGC II-1 (Cayman) Limited</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>8241765.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>8241765.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>8241765.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>11.1</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>The beneficial ownership reported herein represents 8,241,765 common shares issuable upon conversion of the convertible notes that PAG Castle has acquired or is entitled to acquire at any time within the next 60 days (all of which are or shall be immediately convertible). PAGGC II-1 (Cayman) Limited may be deemed to beneficially own the common shares beneficially owned by PAG Castle.

The percentage is calculated based on the sum of (i) 66,158,741 common shares issued and outstanding as of December 31, 2023, as reported in the Issuer's annual report on Form 20-F filed on April 26, 2024 and (ii) 8,241,765 common shares issuable upon conversion of the convertible notes that PAGGC II-1 (Cayman) Limited may be deemed to beneficially own.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>PAG Growth II LP</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>8241765.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>8241765.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>8241765.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>11.1</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>The beneficial ownership reported herein represents 8,241,765 common shares issuable upon conversion of the convertible notes that PAG Castle has acquired or is entitled to acquire at any time within the next 60 days (all of which are or shall be immediately convertible). PAG Growth II LP may be deemed to beneficially own the common shares beneficially owned by PAG Castle.

The percentage is calculated based on the sum of (i) 66,158,741 common shares issued and outstanding as of December 31, 2023, as reported in the Issuer's annual report on Form 20-F filed on April 26, 2024 and (ii) 8,241,765 common shares issuable upon conversion of the convertible notes that PAG Growth II LP may be deemed to beneficially own.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>PAG Growth Capital GP II Limited</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>8241765.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>8241765.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>8241765.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>11.1</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>The beneficial ownership reported herein represents 8,241,765 common shares issuable upon conversion of the convertible notes that PAG Castle has acquired or is entitled to acquire at any time within the next 60 days (all of which are or shall be immediately convertible). PAG Growth Capital GP II Limited may be deemed to beneficially own the common shares beneficially owned by PAG Castle.

The percentage is calculated based on the sum of (i) 66,158,741 common shares issued and outstanding as of December 31, 2023, as reported in the Issuer's annual report on Form 20-F filed on April 26, 2024 and (ii) 8,241,765 common shares issuable upon conversion of the convertible notes that PAG Growth Capital GP II Limited may be deemed to beneficially own.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>PAG Growth Limited</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>8241765.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>8241765.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>8241765.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>11.1</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>The beneficial ownership reported herein represents 8,241,765 common shares issuable upon conversion of the convertible notes that PAG Castle has acquired or is entitled to acquire at any time within the next 60 days (all of which are or shall be immediately convertible). PAG Growth Limited may be deemed to beneficially own the common shares beneficially owned by PAG Castle.

The percentage is calculated based on the sum of (i) 66,158,741 common shares issued and outstanding as of December 31, 2023, as reported in the Issuer's annual report on Form 20-F filed on April 26, 2024 and (ii) 8,241,765 common shares issuable upon conversion of the convertible notes that PAG Growth Limited may be deemed to beneficially own.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Pacific Alliance Group Limited</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>8241765.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>8241765.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>8241765.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>11.1</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>The beneficial ownership reported herein represents 8,241,765 common shares issuable upon conversion of the convertible notes that PAG Castle has acquired or is entitled to acquire at any time within the next 60 days (all of which are or shall be immediately convertible). Pacific Alliance Group Limited may be deemed to beneficially own the common shares beneficially owned by PAG Castle.

The percentage is calculated based on the sum of (i) 66,158,741 common shares issued and outstanding as of December 31, 2023, as reported in the Issuer's annual report on Form 20-F filed on April 26, 2024 and (ii) 8,241,765 common shares issuable upon conversion of the convertible notes that Pacific Alliance Group Limited may be deemed to beneficially own.</comments>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>PAG</reportingPersonName>
      <citizenshipOrOrganization>E9</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>8241765.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>8241765.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>8241765.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>11.1</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>The beneficial ownership reported herein represents 8,241,765 common shares issuable upon conversion of the convertible notes that PAG Castle has acquired or is entitled to acquire at any time within the next 60 days (all of which are or shall be immediately convertible). PAG may be deemed to beneficially own the common shares beneficially owned by PAG Castle.

The percentage is calculated based on the sum of (i) 66,158,741 common shares issued and outstanding as of December 31, 2023, as reported in the Issuer's annual report on Form 20-F filed on April 26, 2024 and (ii) 8,241,765 common shares issuable upon conversion of the convertible notes that PAG may be deemed to beneficially own.</comments>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Canadian Solar Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>545 Speedvale Avenue West Guelph, A6, N1K 1E6</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>This statement is filed by the entities listed below, all of whom together are referred to herein as the "Reporting Persons":

(i) PAG, a Cayman Islands company;

(ii) Pacific Alliance Group Limited ("PAG Limited"), a Cayman Islands company, beneficially held as to 100.0% by PAG;

(iii) PAG Growth Limited, a Cayman Islands company, beneficially held as to 100.0% by PAG Limited;

(iv) PAG Growth Capital GP II Limited ("PAG Growth Capital"), a Cayman Islands company, beneficially held as to 100.0% by PAG Growth Limited;

(v) PAG Growth II LP ("PAG Growth II"), a Cayman Islands limited partnership, of which PAG Growth Capital is the general partner;

(vi) PAGGC II-1 (Cayman) Limited ("PAGGC II-1 Limited"), a Cayman Islands company, beneficially held as to 100.0% by PAG Growth II.

(vii) PAG Castle Holdings Pte. Ltd. ("PAG Castle"), a Singapore company, beneficially held as to 100.0% by PAGGC II-1 Limited.

The securities reported herein are held directly by PAG Castle.</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>(i) PAG and PAG Limited

The address of the principal business office of each of PAG and PAG Limited is located at:

PO Box 472, 2nd Floor, Harbour Place, 103 South Church Street, George Town, Grand

Cayman KY1-1106, Cayman Islands

(ii) PAG Growth Limited

The address of the principal business office of PAG Growth Limited is located at:

PO Box 472, 2nd Floor, Harbour Place, 103 South Church Street, George Town, Grand

Cayman KY1-1106, Cayman Islands

(iii) PAG Growth Capital

The address of the principal business office of PAG Growth Capital is located at:

PO Box 472, 2nd Floor, Harbour Place, 103 South Church Street, George Town, Grand

Cayman KY1-1106, Cayman Islands

(iv) PAG Growth II

The address of the principal business office of PAG Growth II is located at:

PO Box 472, 2nd Floor, Harbour Place, 103 South Church Street, George Town, Grand

Cayman KY1-1106, Cayman Islands

(v) PAGGC II-1 Limited

The address of the principal business office of PAGGC II-1 Limited is located at:

PO Box 472, 2nd Floor, Harbour Place, 103 South Church Street, George Town, Grand

Cayman KY1-1106, Cayman Islands

(vi) PAG Castle

The address of the principal business office of PAG Castle is located at:

9 Temasek Boulevard, #12-01/02, Suntec Tower Two, 038989, Singapore</principalBusinessOfficeOrResidenceAddress>
        <citizenship>See Item 2(a) above.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>See Row 9 of the cover page for each Reporting Person.</amountBeneficiallyOwned>
        <classPercent>See Row 11 of the cover page for each Reporting Person.

Percent of class is calculated based on the sum of (i) 66,158,741 common shares issued and outstanding as of December 31, 2023, as reported in the Issuer's annual report on Form 20-F filed on April 26, 2024 and (ii) 8,241,765 common shares issuable upon conversion of the convertible notes that may be deemed to be beneficially owned by the Reporting Persons.</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>See Row 5 of the cover page for each Reporting Person.</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>See Row 6 of the cover page for each Reporting Person.</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>See Row 7 of the cover page for each Reporting Person.</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>See Row 8 of the cover page for each Reporting Person.</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <exhibitInfo>99.1 Joint Filing Agreement</exhibitInfo>
    <signatureInformation>
      <reportingPersonName>PAG Castle Holdings Pte. Ltd.</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Lincoln Lin Feng Pan</signature>
        <title>Lincoln Lin Feng Pan / Authorised Signatory</title>
        <date>01/17/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>PAGGC II-1 (Cayman) Limited</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Lincoln Lin Feng Pan</signature>
        <title>Lincoln Lin Feng Pan / Director of PA-Growth 2 Secretaries Limited, acting as the Corporate Director of PAGGC II-1 (Cayman) Limited</title>
        <date>01/17/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>PAG Growth II LP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon Robert Lewis</signature>
        <title>Jon Robert Lewis / Director of PAG Growth Capital GP II Limited, acting as the general partner of PAG Growth II LP</title>
        <date>01/17/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>PAG Growth Capital GP II Limited</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon Robert Lewis</signature>
        <title>Jon Robert Lewis / Director</title>
        <date>01/17/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>PAG Growth Limited</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon Robert Lewis</signature>
        <title>Jon Robert Lewis / Director</title>
        <date>01/17/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Pacific Alliance Group Limited</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon Robert Lewis</signature>
        <title>Jon Robert Lewis / Director</title>
        <date>01/17/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>PAG</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon-Paul Toppino</signature>
        <title>Jon-Paul Toppino / Director</title>
        <date>01/17/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>tm253386d1_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Exhibit&nbsp;99.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>JOINT FILING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="background-color: white">PURSUANT
TO RULE 13D-1(K)(1)</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">The undersigned acknowledge and agree that
the Statement on Schedule 13G filed with the Securities and Exchange Commission on or about the date hereof with respect to the beneficial
ownership by the undersigned of the common shares of Canadian Solar Inc., is filed on behalf of each of the undersigned and that all subsequent
amendments to this statement on Schedule 13G shall be filed on behalf of each of the undersigned that is named as a reporting person in
such filing without the necessity of filing an additional joint filing agreement.&nbsp;The undersigned acknowledge that each shall be
responsible for the timely filing of such amendments, and for the completeness and accuracy of the information concerning it contained
therein, but shall not be responsible for the completeness and accuracy of the information concerning the others, except to the extent
that it knows or has reason to believe that such information is inaccurate.&nbsp;This joint filing agreement may be executed in any number
of counterparts and all of such counterparts taken together shall constitute one and the same instrument.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">[<I>Remainder of this
page&nbsp;has been left intentionally blank.</I>]</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 1 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Signature Page</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.5in">IN WITNESS WHEREOF, the undersigned hereby execute
this Joint Filing Agreement.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; background-color: white">Dated: January 17, 2025</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>PAG</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
/s/ Jon-Paul Toppino</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jon-Paul Toppino</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>PACIFIC ALLIANCE GROUP LIMITED</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%">
/s/ Jon Robert Lewis</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jon Robert Lewis</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>PAG Growth Limited</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%">
/s/ Jon Robert Lewis</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jon Robert Lewis</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>PAG Growth Capital GP II Limited</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%">
/s/ Jon Robert Lewis</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jon Robert Lewis</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Director</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>PAG GROWTH II LP</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
/s/ Jon Robert Lewis</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Jon Robert Lewis</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Director of PAG Growth Capital GP II Limited, acting as the general partner of PAG Growth II LP</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 47%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><B>PAGGC II-1 (CAYMAN) LIMITED</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD COLSPAN="2">&nbsp;</TD>
    </TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%">
/s/ Lincoln Lin Feng Pan</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Lincoln Lin Feng Pan</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Director of PA-Growth 2 Secretaries Limited, acting as the Corporate Director of PAGGC II-1 (Cayman) Limited</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT>[<I>Signature
Page&nbsp;to Joint Filing Agreement</I>]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<!-- Field: Page; Sequence: 2 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; text-transform: uppercase"><B>PAG Castle Holdings Pte. Ltd.</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="font-size: 10pt; width: 47%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid">
/s/ Lincoln Lin Feng Pan</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name: Lincoln Lin Feng Pan</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD STYLE="font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title: Authorised Signatory</FONT></TD></TR>
  </TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT>[<I>Signature
Page&nbsp;to Joint Filing Agreement</I>]</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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