Executive Insight, Renewable Energy, Solar

First Solar buys Chilean project developer Solar Chile

First Solar has acquired Solar Chile, a Santiago-based solar development company in which Fundación Chile was an early investor.

This culminates a strategic working alliance the two companies formed in October 2011. Solar Chile has a portfolio of early- to mid-stage utility-scale photovoltaic power projects totaling about 1.5 GW in Regions I, II, III, and XV in northern Chile, including the Atacama Desert region, which offers the highest solar irradiance in the world.

First Solar has a global development pipeline of projects under contract to utilities totaling 3 GW, with 2 GW under construction. It has constructed more than 600 MW of PV power projects worldwide.

Under the terms of the agreement, the five-person Solar Chile team is joining First Solar, and Fundación Chile will provide ongoing consultation services. Terms of the transaction were not disclosed.