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SunEdison Obtains Funding for Latin America’s Largest Solar Farm

SunEdison Inc., the polysilicon supplier formerly known as MEMC Electronic Materials Inc., won $212.5 million in project financing to help build what may be Latin America’s biggest solar power plant in Chile.

The Overseas Private Investment Corp., the U.S. government’s development finance institution, provided a $147.5 million loan, St. Peters, Missouri-based SunEdison said today in a statement. IFC, a member of the World Bank Group, provided $65 million of debt.

The financing package is the largest for a solar park in Latin America and demonstrates a growing confidence among investors for these types of projects, said Lilian Alves, a Sao Paulo-based analyst for Bloomberg New Energy Finance.

“Solar projects in the north of Chile are competitive without subsidies” because of sunny weather and high local electricity prices, Alves said today in a telephone interview. “Chile is a key market for solar in Latin America.”

Construction of the 100-megawatt Amanecer Solar CAP project began last month near the city of Copiapo in the Atacama region and is expected to be completed in the first quarter of 2014.

The project will cover 215 hectares (531 acres) and include more than 300,000 solar panels, the statement showed. It’s expected to be the largest solar photovoltaic power plant in Latin America, SunEdison said.

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