Canadian Solar Infrastructure Fund, Inc.

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Greetings

Executive Director Tetsuya NakamuraExecutive Director
Tetsuya Nakamura

To our valued investors,

Thanks to your support, and that of our business partners, Canadian Solar Infrastructure Fund, Inc. (“CSIF”) was listed on the Infrastructure Investment Fund Securities Market of the Tokyo Stock Exchange on October 30, 2017.

Since the Feed-in Tariff Scheme in Japan was enacted in July of2012, development and operations of PV power plants have been facilitated. As of the end of December of 2018, such completed capacity reached approximately 37.5 GW and its importance as power generation will continue to increase, given their permitted capacity.

It is needless to say that PV power plants are eco-friendly power generating facilities. On top of that, there are two unique natures with PV power generation. One feature lies in relatively stable annual energy output though it may decline every year due to the degradation in solar modules, while another one lies in the fact that energy output is not directly impacted by economic cycles. Since traditional asset classes including equities and fixed income securities are more or less affected by economic activities, such unique nature with PV power generation may contribute to portfolio diversifications as well.

CSIF‘s primary objective is to continuously realize a sustainable growth of its unitholders’ value as well as increase its asset under management by taking advantage of Canadian Solar Group’s (1) development pipeline for its asset acquisitions as well as their vertically-integrated business model across the solar value chain.

We respectfully ask for your continued support and encouragement in the years to come.

(1) Canadian Solar Group refers to the consolidated group with Canadian Solar Inc. (headquartered in Canada) as the ultimate parent. The Sponsor (Canadian Solar Projects K.K.) belongs to Canadian Solar Group.

(1) Canadian Solar Group refers to the consolidated group with Canadian Solar Inc. (headquartered in Canada) as the ultimate parent. The Sponsor (Canadian Solar Projects K.K.) belongs to Canadian Solar Group.
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