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Canadian Solar Management Discusses Q2 2012 Results - Earnings Call Transcript

The important point to note here is that we are doing all of this while maintaining the high quality, high performance and reliability, while -- which our customers around the world can rely on. Our achievement on cost reduction, together with our continued improvement in solar module efficiency, allows us to be competitive and gain more market share in a global solar module business.

We also reached several important milestones in the development of our total solution business. During the quarter, we completed the acquisition of 16 projects in Ontario, Canada, from SkyPower Limited. These projects are expected to be built from now to the end of 2014. With this acquisition, our project pipeline in Canada with approved feed-in tariff exceeds 300 megawatts. We also announced the acquisition of 11 late-stage development projects totaling 122 megawatts in the U.S. market. Since this announcement, our U.S. project pipeline has expanded to approximately 140 megawatts. And while there has been some market chatter about financing challenges in the industry, we believe that we continue to receive strong support from our financing partners.

As the industry leader with strong and breakeven cash flow in the first half of this year, as well as our accumulated experience since we entered into the PV project business in 2009, Canadian Solar stands out when we enter discussions with banks. Lenders want to partner with us and support our ongoing expansion, given our successful track record and strong financial position. As a result, we recently secured a CAD 120 million revolving credit facility from Bank of China to support the construction of our project in Canada. We also secured a CAD 93 million of long term loan facility from China Development Bank to partially finance the SkyPower acquisition. This loan is noteworthy, not only because it demonstrates our bankability during the tough time for solar companies, but also because it is financing at the development stage, which is rare to be achieved.

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