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June 26, 2014
14:07 EDTFSLRFirst Solar set to build largest PV solar power plant in Latin America
First Solar announced it has received board approval from the Overseas Private Investment Corporation, the U.S. Government’s development finance institution, and IFC, a member of the World Bank Group, for financing to support construction of the 141MW(ac) Luz del Norte solar power plant in Chile’s Atacama Desert. The loans, which are expected to close later this summer, clear the way for First Solar to proceed with construction planning at the site, which is near the city of Copiapo. Terms of the deals were not disclosed. The OPIC board approved a loan of up to $230M; the IFC board approved a $60M loan. The Luz del Norte project is the first of several projects First Solar has in its regional development pipeline, and will be the company’s initial project to start construction in Chile. The Chilean government’s National Energy Strategy includes expansion of the country’s renewable energy capacity to 20% of its total generated power by 2025. Energy from Luz del Norte will be supplied into the Chilean Central Interconnected System, contributing significantly towards this goal
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