SCHEDULE 13G/A 0001104659-25-005752 0001684210 XXXXXXXX LIVE 1 Common shares, no par value 07/03/2025 0001375877 Canadian Solar Inc. 136635109 545 Speedvale Avenue West Guelph A6 N1K 1E6 Rule 13d-1(c) PAG Castle Holdings Pte. Ltd. U0 10989020.00 0.00 10989020.00 0.00 10989020.00 N 14.1 CO 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. PAGGC II-1 (Cayman) Limited E9 10989020.00 0.00 10989020.00 0.00 10989020.00 N 14.1 CO 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. PAG Growth II LP E9 10989020.00 0.00 10989020.00 0.00 10989020.00 N 14.1 PN 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. PAG Growth Capital GP II Limited E9 10989020.00 0.00 10989020.00 0.00 10989020.00 N 14.1 CO 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. PAG Growth Limited E9 10989020.00 0.00 10989020.00 0.00 10989020.00 N 14.1 CO 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. Pacific Alliance Group Limited E9 10989020.00 0.00 10989020.00 0.00 10989020.00 N 14.1 CO 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. PAG E9 10989020.00 0.00 10989020.00 0.00 10989020.00 N 14.1 CO 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. Canadian Solar Inc. 545 Speedvale Avenue West Guelph, A6, N1K 1E6 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. (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 See Item 2(a) above. Y See Row 9 of the cover page for each Reporting Person. 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. See Row 5 of the cover page for each Reporting Person. See Row 6 of the cover page for each Reporting Person. See Row 7 of the cover page for each Reporting Person. See Row 8 of the cover page for each Reporting Person. Y Y Y Y Y N 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. PAG Castle Holdings Pte. Ltd. /s/ Lincoln Lin Feng Pan 07/03/2025 PAGGC II-1 (Cayman) Limited /s/ Lincoln Lin Feng Pan 07/03/2025 PAG Growth II LP /s/ Jon Robert Lewis 07/03/2025 PAG Growth Capital GP II Limited /s/ Jon Robert Lewis 07/03/2025 PAG Growth Limited /s/ Jon Robert Lewis 07/03/2025 Pacific Alliance Group Limited /s/ Jon Robert Lewis 07/03/2025 PAG /s/ Jon-Paul Toppino 07/03/2025