June 26 (Bloomberg) -- First Solar Inc., the largest U.S. photovoltaic panel maker, will receive as much as $290 million in loans from Overseas Private Investment Corp. and International Finance Corp. for a 121-megawatt solar project in northern Chile.
First Solar will use the financing for its Luz del Norte solar project near the city of Copiapo in the Atacama Desert, the Tempe, Arizona-based company said today in a statement.
The board of OPIC, a U.S. development finance institution, approved a loan of as much as $230 million and the board of the IFC, part of the World Bank Group, approved a loan of $60 million. Terms weren’t disclosed.
First Solar initially applied for licenses for the project in July with 162.4 megawatts of capacity. The project is part of Chile’s plan to increase renewable energy to 20 percent of total generation capacity by 2025.
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