<SEC-DOCUMENT>0001104659-25-065934.txt : 20250707
<SEC-HEADER>0001104659-25-065934.hdr.sgml : 20250707
<ACCEPTANCE-DATETIME>20250707061110
ACCESSION NUMBER:		0001104659-25-065934
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250707
DATE AS OF CHANGE:		20250707

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
		EIN:				000000000
		STATE OF INCORPORATION:			A6
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-82485
		FILM NUMBER:		251106928

	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:           	
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	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/A
<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/A</submissionType>
    <previousAccessionNumber>0001104659-25-005752</previousAccessionNumber>
    <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>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Common shares, no par value</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>07/03/2025</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>10989020.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>10989020.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>10989020.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>14.1</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>The beneficial ownership reported herein represents 10,989,020 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) 66,972,246 common shares issued and outstanding as of April 29, 2025, as reported in the Issuer's report on Form 6-K filed on May 21, 2025 and (ii) 10,989,020 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>10989020.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>10989020.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>10989020.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>14.1</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>The beneficial ownership reported herein represents 10,989,020 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) 66,972,246 common shares issued and outstanding as of April 29, 2025, as reported in the Issuer's report on Form 6-K filed on May 21, 2025 and (ii) 10,989,020 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>10989020.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>10989020.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>10989020.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>14.1</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
      <comments>The beneficial ownership reported herein represents 10,989,020 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) 66,972,246 common shares issued and outstanding as of April 29, 2025, as reported in the Issuer's report on Form 6-K filed on May 21, 2025 and (ii) 10,989,020 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>10989020.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>10989020.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>10989020.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>14.1</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>The beneficial ownership reported herein represents 10,989,020 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) 66,972,246 common shares issued and outstanding as of April 29, 2025, as reported in the Issuer's report on Form 6-K filed on May 21, 2025 and (ii) 10,989,020 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>10989020.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>10989020.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>10989020.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>14.1</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>The beneficial ownership reported herein represents 10,989,020 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) 66,972,246 common shares issued and outstanding as of April 29, 2025, as reported in the Issuer's report on Form 6-K filed on May 21, 2025 and (ii) 10,989,020 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>10989020.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>10989020.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>10989020.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>14.1</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>The beneficial ownership reported herein represents 10,989,020 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) 66,972,246 common shares issued and outstanding as of April 29, 2025, as reported in the Issuer's report on Form 6-K filed on May 21, 2025 and (ii) 10,989,020 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>10989020.00</soleVotingPower>
        <sharedVotingPower>0.00</sharedVotingPower>
        <soleDispositivePower>10989020.00</soleDispositivePower>
        <sharedDispositivePower>0.00</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>10989020.00</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>14.1</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
      <comments>The beneficial ownership reported herein represents 10,989,020 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) 66,972,246 common shares issued and outstanding as of April 29, 2025, as reported in the Issuer's report on Form 6-K filed on May 21, 2025 and (ii) 10,989,020 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; and

(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) 66,972,246 common shares issued and outstanding as of April 29, 2025, as reported in the Issuer's report on Form 6-K filed on May 21, 2025 and (ii) 10,989,020 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>
    <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>07/03/2025</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>07/03/2025</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>07/03/2025</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>07/03/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>PAG Growth Limited</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon Robert Lewis</signature>
        <title>Jon Robert Lewis / Director</title>
        <date>07/03/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Pacific Alliance Group Limited</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon Robert Lewis</signature>
        <title>Jon Robert Lewis / Director</title>
        <date>07/03/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>PAG</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Jon-Paul Toppino</signature>
        <title>Jon-Paul Toppino / Director</title>
        <date>07/03/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
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</SEC-DOCUMENT>
