First Solar Announces Massive Latin American Project

Shares of First Solar FSLR are trading higher Thursday after the company announced that it would build the largest solar plant in Latin America.

Financing of $230 million for the facility will be provided by the Overseas Private Investment Corporation, the United States government’s development finance institution.

Called Luz del Norte, the project will be the first that the solar giant undergoes in Chile. Demand for solar power is driven by the Chilean government’s national power strategy, which calls for 20 percent of total power driven by renewable sources.

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First Solar SVP Tim Rebhorn commented, “The Latin American region has a growing need for innovative and efficient energy solutions right now.”

Shares of First Solar were last up 1.34 percent to $71.15.