[SCHEDULE 13G/A] Canadian Solar Inc. SEC Filing

Rhea-AI Filing Summary

Empresa Distribuidora y Comercializadora Norte S.A. (EDENOR, NYSE: EDN) has notified regulators via a Form 6-K that it is expanding beyond its regulated electricity-distribution core by acquiring minority stakes in two early-stage exploration companies in Argentina’s Catamarca province.

1) Polimetales del Noroeste S.A. – Edenor bought 4,000 registered, non-endorsable Class B shares, equal to 40 % of share capital but only 11.76 % of voting rights. The copper project controls about 60,704 hectares within the Maricunga Belt, adjacent to NGEX’s Valle Ancho copper-gold system.

2) Integra Recursos Naturales Minerales S.A. – Edenor acquired 75,000 shares, representing 15 % of both share capital and voting rights. Integra’s lithium portfolio spans roughly 220,000 hectares across the Antofalla, Cortaderas and Ancasti salars.

Edenor says the move will help it secure critical-mineral supplies, position the company in export-oriented commodity projects and support domestic mining development. No purchase price, financing terms, resource estimates or development timelines were disclosed.

The strategy offers upside exposure to copper and lithium demand driven by global electrification, yet the minority, non-controlling stakes and exploration-stage nature of the assets imply long lead times, elevated geological risk and limited short-term earnings contribution. Investors will likely focus on capital-allocation discipline, governance influence over the projects, and any future funding requirements.

Positive

• Diversification into high-growth critical minerals (copper & lithium) aligns with long-term electrification demand.
• Large land packages acquired exposure: 60,704 ha (copper) and 220,000 ha (lithium) in proven mineral provinces.

Negative

• No financial metrics disclosed—investors cannot gauge purchase cost, valuation or funding impact.
• Minority, non-controlling positions limit Edenor’s ability to influence project timelines or strategy.
• Exploration-stage assets carry high geological and permitting risk with no near-term cash flow.

Insights

Financial Analyst

TL;DR – Diversification into copper & lithium could add upside, but minority stakes and lack of financial detail keep impact neutral near term.

Edenor’s purchase of 40 % of Polimetales (11.76 % voting) and 15 % of Integra signals a strategic pivot into upstream resources aligned with the energy transition. The assets provide optionality on copper and lithium prices, both forecast to tighten over the next decade. However, the company supplied no purchase price or funding source, preventing assessment of capital efficiency or balance-sheet strain. Because the interests are non-controlling and at exploration stage, cash flow is unlikely before 2028-30, if at all. Regulated utilities typically offer stable yields; investors may question higher-risk diversification. Overall, I view the disclosure as strategically interesting but not yet financially material.

Mining Industry Specialist

TL;DR – Assets sit in prospective belts, but early-stage nature means high geological and permitting risk.

The 60,704 ha Maricunga Belt ground neighbours NGEX’s Valle Ancho, which hosts porphyry-style copper-gold mineralisation, suggesting solid exploration potential. The 220,000 ha lithium package covers salars with brine potential, but no resource has been published. Catamarca is a mining-friendly province yet requires water rights and environmental permits. Edenor’s minor equity limits operational influence; it will depend on the operators’ technical ability and future capital. Until drilling data and resource estimates emerge, valuation remains speculative. Market impact therefore leans neutral to modestly positive.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Canadian Solar Inc.

(Name of Issuer)

Common shares, no par value

(Title of Class of Securities)

136635109

(CUSIP Number)

07/03/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 136635109

1

Names of Reporting Persons

PAG Castle Holdings Pte. Ltd.

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

SINGAPORE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 10,989,020.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 10,989,020.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,989,020.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

14.1 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: 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.

SCHEDULE 13G

CUSIP No. 136635109

1

Names of Reporting Persons

PAGGC II-1 (Cayman) Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 10,989,020.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 10,989,020.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,989,020.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

14.1 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: 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.

SCHEDULE 13G

CUSIP No. 136635109

1

Names of Reporting Persons

PAG Growth II LP

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 10,989,020.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 10,989,020.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,989,020.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

14.1 %

12

Type of Reporting Person (See Instructions)

PN

Comment for Type of Reporting Person: 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.

SCHEDULE 13G

CUSIP No. 136635109

1

Names of Reporting Persons

PAG Growth Capital GP II Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 10,989,020.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 10,989,020.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,989,020.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

14.1 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: 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.

SCHEDULE 13G

CUSIP No. 136635109

1

Names of Reporting Persons

PAG Growth Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 10,989,020.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 10,989,020.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,989,020.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

14.1 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: 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.

SCHEDULE 13G

CUSIP No. 136635109

1

Names of Reporting Persons

Pacific Alliance Group Limited

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 10,989,020.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 10,989,020.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,989,020.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

14.1 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: 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.

SCHEDULE 13G

CUSIP No. 136635109

1

Names of Reporting Persons

PAG

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CAYMAN ISLANDS

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 10,989,020.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 10,989,020.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

10,989,020.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

14.1 %

12

Type of Reporting Person (See Instructions)

CO

Comment for Type of Reporting Person: 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.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Canadian Solar Inc.
(b)	Address of issuer's principal executive offices: 545 Speedvale Avenue West Guelph, A6, N1K 1E6
Item 2.
(a)	Name of person filing: 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.
(b)	Address or principal business office or, if none, residence: (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
(c)	Citizenship: See Item 2(a) above.
(d)	Title of class of securities: Common shares, no par value
(e)	CUSIP No.: 136635109
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: See Row 9 of the cover page for each Reporting Person.
(b)	Percent of class: 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.
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: See Row 5 of the cover page for each Reporting Person.
	(ii) Shared power to vote or to direct the vote: See Row 6 of the cover page for each Reporting Person.
	(iii) Sole power to dispose or to direct the disposition of: See Row 7 of the cover page for each Reporting Person.
	(iv) Shared power to dispose or to direct the disposition of: See Row 8 of the cover page for each Reporting Person.
Item 5.	Ownership of 5 Percent or Less of a Class.
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

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.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

PAG Castle Holdings Pte. Ltd.

Signature:	/s/ Lincoln Lin Feng Pan
Name/Title:	Lincoln Lin Feng Pan / Authorised Signatory
Date:	07/03/2025

PAGGC II-1 (Cayman) Limited

Signature:	/s/ Lincoln Lin Feng Pan
Name/Title:	Lincoln Lin Feng Pan / Director of PA-Growth 2 Secretaries Limited, acting as the Corporate Director of PAGGC II-1 (Cayman) Limited
Date:	07/03/2025

PAG Growth II LP

Signature:	/s/ Jon Robert Lewis
Name/Title:	Jon Robert Lewis / Director of PAG Growth Capital GP II Limited, acting as the general partner of PAG Growth II LP
Date:	07/03/2025

PAG Growth Capital GP II Limited

Signature:	/s/ Jon Robert Lewis
Name/Title:	Jon Robert Lewis / Director
Date:	07/03/2025

PAG Growth Limited

Signature:	/s/ Jon Robert Lewis
Name/Title:	Jon Robert Lewis / Director
Date:	07/03/2025

Pacific Alliance Group Limited

Signature:	/s/ Jon Robert Lewis
Name/Title:	Jon Robert Lewis / Director
Date:	07/03/2025

PAG

Signature:	/s/ Jon-Paul Toppino
Name/Title:	Jon-Paul Toppino / Director
Date:	07/03/2025

FAQ

What stakes did EDENOR (EDN) acquire in the mineral projects?

The company bought 40 % of Polimetales del Noroeste S.A. (11.76 % voting) and 15 % of Integra Recursos Naturales Minerales S.A..

Which minerals are targeted by EDENOR’s new investments?

Polimetales focuses on copper; Integra targets lithium exploration.

Where are the acquired exploration assets located?

All properties are in Argentina’s Catamarca province, including the Maricunga Belt, Antofalla, Cortaderas and Ancasti regions.

Why is EDENOR investing in mining companies?

Management aims to secure critical-mineral supply and broaden revenue through export-oriented commodity projects aligned with energy-transition demand.

Did EDENOR disclose the purchase price or funding method?

No. The Form 6-K does not provide any financial details on consideration paid or financing sources.

Does EDENOR gain operational control over the projects?

No. Both acquisitions are minority stakes; Polimetales confers only 11.76 % voting rights, Integra 15 %.

When was the transaction announced?

The material fact letter is dated 4 July 2025.