The Overseas Private Investment Corporation (Opic) has agreed to guarantee US$230mn of financing for First Solar’s 141MW power plant in Luz del Norte, Chile.

The International Finance Corporation (IFC) will also guarantee US$60mn for the construction of the plant, which, once completed, will be the largest photovoltaic energy project in Latin America.

“The support we’ve received from Opic and the IFC has been instrumental in bringing the project to life,” says senior vice-president, project development at First Solar, Tim Rebhorn.

Commenting on the deal, Opic president and CEO, Elizabeth Littlefield, says: “The construction of Luz del Norte will help pave the way for further solar power development in Chile, where the potential for this clean, renewable resource is unrivalled. At the same time, the project helps First Solar, a US business, expand its operations abroad.”

IFC global head of infrastructure, Bernard Sheahan, remarks: “This engagement with Luz del Norte and First Solar exemplifies the IFC’s efforts to support cutting edge transactions in emerging market infrastructure.”