OPIC Doles Out $140M For Chile Solar Project

Law360, New York (December 11, 2013, 4:27 PM EST) -- French integrated oil and gas giant Total SA, solar power facility manufacturer Etrion Corp. and California-based SunPower Corp. secured roughly $140 million in financing from the Overseas Private Investment Corp. to build the world's largest solar photovoltaic merchant plant in the Atacama region of Chile, according to a Wednesday statement.

OPIC, the U.S. government's development finance institution, agreed to finance 70 percent of the project cost through long-term, nonrecourse project debt, the companies said.

The 70-megawatt facility, called Project Salvador, is expected to deliver reliable, cost-effective solar...
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