June 30, 2014

AZ Company Building Largest Solar Plant in Latin America

U.S., Chile governments collaborating in project; loan has been approved, Arizona's First Solar will construct it.

The United States is willing to help Chile build the largest solar power plant in Latin America.

President Barack Obama expressed that willingness during an Oval Office meeting today with Chilean President Michelle Bachelet, who has returned to office after winning election in March.

On Friday, the Overseas Private Investment Corporation approved a loan guarantee of up to $230 million to support construction of a 141-megawatt solar power plant in the Chilean desert, an area that gets some of the planet's steadiest concentrations of direct sunlight.

It's being constructed by an Arizona company, First Solar.

Since June of 2013, OPIC has approved almost $900 million in loan guarantees for six renewable energy generation projects in Chile. That makes the U.S. the largest lender for those projects.

The White House said they help generate U.S. exports and support U.S. jobs.

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