First Solar, Inc. (NASDAQ:FSLR) has submitted an application to build a huge solar power plant in Chile. According to a press release from the Centre for Renewable Energy, the plant will be one of the biggest in the world and the largest in Latin America.
Details on First Solar’s plan
The Chilean government agency said the 370 megawatt facility will be built in the Sol Desert in the Antofagasta area. An $823 million investment will be required in order to complete the plant.
After 13 years at the head of KG Funds, the firm's founder, Ike Kier, has decided to step down and return outside capital to investors. The firm manages around $613 million of assets across its funds and client accounts. According to a copy of the firm's latest investor update, Kier has decided to step down Read More
Currently Chile has a total renewable energy output of 1,710 megawatts, according to PV Tech. Solar power made up 11% of the nation’s total renewable energy as of last month, while wind remained the country’s biggest source of renewable energy, at 682 megawatts, which is 40% of Chile’s total sustainable energy generation capabilities.
First Solar’s other efforts in Chile
About a month ago, First Solar announced in its own press release that the Overseas Private Investment Corporation (OPIC) and the IFC agreed to finance construction for a 141 megawatt solar power plant that will also be located in Chile. That project will be located in the Atacama Desert not far from the city of Copiapo. OPIC approved First Solar to receive a loan of up to $230 million, while IFC approved up to $60 million in financing.
First Solar has apparently taken an interest in Latin America. Chile’s government aims to expand the nation’s renewable energy capacity up to 20% of its total generated energy by 2025. The Luz del Norte plant will supply energy to the Chilean Central Interconnected System. First Solar chose the Atacama Desert because it receives some of the steadiest and strongest direct sunlight in the whole world. As a result, the desert is the perfect place for a solar plant. The company said it has been working with Chile’s government and industry to help it meet its sustainable energy goal.