D. E. Shaw Group holds 6.4% of Canadian Solar (NASDAQ: CSIQ)

Rhea-AI Filing Summary

Canadian Solar Inc. reported that D. E. Shaw entities and David E. Shaw collectively have beneficial ownership of 4,366,760 common shares, equal to 6.4% of the class. The filing bases the percentage on 68,063,421 common shares outstanding, composed of 66,972,246 shares outstanding as of April 29, 2025 and 1,091,175 shares issuable upon conversion of convertible securities.

The filing states the reported shares consist of positions held by D. E. Shaw Valence, Oculus, Cogence and Composite Portfolios (including convertible and option-based rights). David E. Shaw is reported to have shared voting and dispositive power by virtue of his roles but disclaims beneficial ownership.

Insights

Institutional Ownership Analyst

Large passive holding disclosed: D. E. Shaw group reports a 6.4% position.

The filing lists 4,366,760 shares held across named D. E. Shaw portfolios, including shares issuable upon conversion and call-option rights. The 6.4% figure is explicitly tied to 68,063,421 common shares outstanding as described in the filing.

Holder composition and derivative rights matter for potential future activity: the position includes convertible securities and call options that could increase settled share holdings if exercised or converted. Subsequent filings would disclose any material changes in holdings.

Corporate Governance Specialist

Voting and attribution carefully documented; David E. Shaw disclaims direct beneficial ownership.

The disclosure states shared voting and dispositive power for 4,366,760 shares arising from the reporting structure of affiliated entities and adviser relationships. The filing attaches powers of attorney and a joint filing agreement dated March 20, 2026.

This description clarifies attribution for governance purposes while preserving the reporting persons' disclaimer language; governance implications depend on whether the group votes or trades these holdings in future filings.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

Canadian Solar Inc.

(Name of Issuer)

Common shares with no par value

(Title of Class of Securities)

136635109

(CUSIP Number)

01/13/2026

(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)

schemaVersion:

SCHEDULE 13G

CUSIP Number(s): 136635109

1

Names of Reporting Persons

D. E. Shaw & Co., L.P.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,366,760.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,366,760.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,366,760.00

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)

6.4 %

12

Type of Reporting Person (See Instructions)

IA, PN

Comment for Type of Reporting Person: The percentage figures reported throughout this Schedule 13G are based upon 68,063,421 common shares outstanding, composed of: (i) 66,972,246 common shares outstanding as of April 29, 2025, as reported in the Issuer's 6-K filed with the SEC on May 21, 2025, and (ii) 1,091,175 common shares issuable upon conversion of convertible securities.

SCHEDULE 13G

CUSIP Number(s): 136635109

1

Names of Reporting Persons

D. E. Shaw & Co., L.L.C.

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

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,366,760.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,366,760.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,366,760.00

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)

6.4 %

12

Type of Reporting Person (See Instructions)

OO

Comment for Type of Reporting Person: The percentage figures reported throughout this Schedule 13G are based upon 68,063,421 common shares outstanding, composed of: (i) 66,972,246 common shares outstanding as of April 29, 2025, as reported in the Issuer's 6-K filed with the SEC on May 21, 2025, and (ii) 1,091,175 common shares issuable upon conversion of convertible securities.

SCHEDULE 13G

CUSIP Number(s): 136635109

1

Names of Reporting Persons

David E. Shaw

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

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 4,366,760.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 4,366,760.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

4,366,760.00

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)

6.4 %

12

Type of Reporting Person (See Instructions)

IN

Comment for Type of Reporting Person: The percentage figures reported throughout this Schedule 13G are based upon 68,063,421 common shares outstanding, composed of: (i) 66,972,246 common shares outstanding as of April 29, 2025, as reported in the Issuer's 6-K filed with the SEC on May 21, 2025, and (ii) 1,091,175 common shares issuable upon conversion of convertible securities.

SCHEDULE 13G

Item 1.
(a)	Name of issuer: Canadian Solar Inc.
(b)	Address of issuer's principal executive offices: 4273 King Street East, Suite 102, Kitchener, Ontario, Canada N2P 2E9
Item 2.
(a)	Name of person filing: D. E. Shaw & Co., L.P. D. E. Shaw & Co., L.L.C. David E. Shaw
(b)	Address or principal business office or, if none, residence: The business address for each reporting person is: Two Manhattan West 375 Ninth Avenue, 52nd Floor New York, NY 10001
(c)	Citizenship: D. E. Shaw & Co., L.P. is a limited partnership organized under the laws of the state of Delaware. D. E. Shaw & Co., L.L.C. is a limited liability company organized under the laws of the state of Delaware. David E. Shaw is a citizen of the United States of America.
(d)	Title of class of securities: Common shares with no par value
(e)	CUSIP Number(s): 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: D. E. Shaw & Co., L.P.: 4,366,760 shares This is composed of (i) 1,557,276 shares in the name of D. E. Shaw Valence Portfolios, L.L.C., (ii) 1,020,240 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through convertible securities, (iii) 602,600 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through the exercise of call options, (iv) 1,085,309 shares in the name of D. E. Shaw Oculus Portfolios, L.L.C., (v) 70,935 shares that D. E. Shaw Cogence Portfolios, L.L.C. has the right to acquire through convertible securities, and (vi) 30,400 shares in the name of D. E. Shaw Composite Portfolios, L.L.C. D. E. Shaw & Co., L.L.C.: 4,366,760 shares This is composed of (i) 1,557,276 shares in the name of D. E. Shaw Valence Portfolios, L.L.C., (ii) 1,020,240 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through convertible securities, (iii) 602,600 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through the exercise of call options, (iv) 1,085,309 shares in the name of D. E. Shaw Oculus Portfolios, L.L.C., (v) 70,935 shares that D. E. Shaw Cogence Portfolios, L.L.C. has the right to acquire through convertible securities, and (vi) 30,400 shares in the name of D. E. Shaw Composite Portfolios, L.L.C. David E. Shaw: 4,366,760 shares This is composed of (i) 1,557,276 shares in the name of D. E. Shaw Valence Portfolios, L.L.C., (ii) 1,020,240 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through convertible securities, (iii) 602,600 shares that D. E. Shaw Valence Portfolios, L.L.C. has the right to acquire through the exercise of call options, (iv) 1,085,309 shares in the name of D. E. Shaw Oculus Portfolios, L.L.C., (v) 70,935 shares that D. E. Shaw Cogence Portfolios, L.L.C. has the right to acquire through convertible securities, and (vi) 30,400 shares in the name of D. E. Shaw Composite Portfolios, L.L.C. David E. Shaw does not own any shares directly. By virtue of David E. Shaw's position as President and sole shareholder of D. E. Shaw & Co., Inc., which is the general partner of D. E. Shaw & Co., L.P., which in turn is the investment adviser of D. E. Shaw Valence Portfolios, L.L.C., D. E. Shaw Oculus Portfolios, L.L.C., D. E. Shaw Cogence Portfolios, L.L.C., and D. E. Shaw Composite Portfolios, L.L.C., and by virtue of David E. Shaw's position as President and sole shareholder of D. E. Shaw & Co. II, Inc., which is the managing member of D. E. Shaw & Co., L.L.C., which in turn is the manager of D. E. Shaw Valence Portfolios, L.L.C., D. E. Shaw Oculus Portfolios, L.L.C., D. E. Shaw Cogence Portfolios, L.L.C., and D. E. Shaw Composite Portfolios, L.L.C., David E. Shaw may be deemed to have the shared power to vote or direct the vote of, and the shared power to dispose or direct the disposition of, the 4,366,760 shares as described above constituting 6.4% of the outstanding shares, and, therefore, David E. Shaw may be deemed to be the beneficial owner of such shares. David E. Shaw disclaims beneficial ownership of such 4,366,760 shares.
(b)	Percent of class: D. E. Shaw & Co., L.P.: 6.4% D. E. Shaw & Co., L.L.C.: 6.4% David E. Shaw: 6.4%
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: D. E. Shaw & Co., L.P.: 0 shares D. E. Shaw & Co., L.L.C.: 0 shares David E. Shaw: 0 shares
	(ii) Shared power to vote or to direct the vote: D. E. Shaw & Co., L.P.: 4,366,760 shares D. E. Shaw & Co., L.L.C.: 4,366,760 shares David E. Shaw: 4,366,760 shares
	(iii) Sole power to dispose or to direct the disposition of: D. E. Shaw & Co., L.P.: 0 shares D. E. Shaw & Co., L.L.C.: 0 shares David E. Shaw: 0 shares
	(iv) Shared power to dispose or to direct the disposition of: D. E. Shaw & Co., L.P.: 4,366,760 shares D. E. Shaw & Co., L.L.C.: 4,366,760 shares David E. Shaw: 4,366,760 shares
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
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.

D. E. Shaw & Co., L.P.

Signature:	/s/ Daniel R. Marcus
Name/Title:	Daniel R. Marcus / Chief Compliance Officer
Date:	03/20/2026

D. E. Shaw & Co., L.L.C.

Signature:	/s/ Daniel R. Marcus
Name/Title:	Daniel R. Marcus / Authorized Signatory
Date:	03/20/2026

David E. Shaw

Signature:	/s/ Daniel R. Marcus
Name/Title:	Daniel R. Marcus / Attorney-in-Fact for David E. Shaw
Date:	03/20/2026

Comments accompanying signature: Exhibit 1: Power of Attorney, granted by David E. Shaw relating to D. E. Shaw & Co., Inc., in favor of the signatories hereto, among others, dated August 1, 2024. Exhibit 2: Power of Attorney, granted by David E. Shaw relating to D. E. Shaw & Co. II, Inc., in favor of the signatories hereto, among others, dated August 1, 2024.

Exhibit Information

Exhibit 3: Joint Filing Agreement, by and among the Reporting Persons, dated March 20, 2026.

FAQ

What stake does D. E. Shaw report in Canadian Solar (CSIQ)?

D. E. Shaw reports beneficial ownership of 4,366,760 shares, representing 6.4% of the class based on 68,063,421 shares outstanding as described in the filing.

How is the 6.4% ownership percentage calculated for CSIQ?

The percentage uses 68,063,421 common shares outstanding, composed of 66,972,246 shares as of April 29, 2025 plus 1,091,175 shares issuable upon conversion of convertible securities.

Does David E. Shaw personally own the reported CSIQ shares?

The filing states David E. Shaw has shared voting and dispositive power over the 4,366,760 shares by virtue of his positions but expressly disclaims beneficial ownership of those shares.

What instruments make up the D. E. Shaw position in CSIQ?

The position includes shares held in named portfolios and rights from convertible securities and call options, specifically amounts identified in the filing that aggregate to 4,366,760 shares.

Will this filing change Canadian Solar's board control?

This filing documents a 6.4% stake but does not state any change in board control or a proposal; governance impact would depend on future voting or additional acquisitions disclosed in later filings.