First Solar Inc. has acquired Solar Chile, a Santiago, Chile-based solar development company. This acquisition culminates a strategic working alliance that 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 northern Chile, including the Atacama Desert region, which offers the highest solar irradiance in the world, according to the companies.
Under the terms of the agreement, the five-person Solar Chile team is joining First Solar, and Fundacion Chile – which served as an early investor to Solar Chile – will provide ongoing consultation services. Terms of the transaction were not disclosed.