Construction of Chile's Largest Solar Plant Begins

Construction of Chile's Largest Solar Plant BeginsConstruction of Chile's Largest Solar Plant Begins

SunEdison Inc., the biggest clean-energy developer, began construction of a 110-megawatt solar farm in Chile, its largest in Latin America. The company has arranged $160 million in long-term non-recourse debt financing for the project from Chile’s CorpBanca SA and DNB ASA, Norway’s largest financial services group, Maryland Heights, Missouri-based SunEdison said in a statement on Tuesday, Bloomberg reported. Power from the Quilapilun plant, the company’s first in Chile’s Metropolitan Region, will be sold under long-term power purchase agreements signed as part of a deal announced in December. SunEdison said it would invest more than $700 million in Chilean solar energy. “Solar energy has become cost competitive with other energy generation sources in the country,” Carlos Barrera, SunEdison’s vice president for Latin America, said in the statement. SunEdison’s TerraForm Power Inc. Yieldco unit will acquire the Chile plant in early 2016. It is expected to generate enough power for 117,000 homes.