WASHINGTON (AP) — President Barack Obama said Monday that the United States wants to help Chile build Latin America's largest solar power plant.
Obama touted the project during an Oval Office meeting with Chilean President Michelle Bachelet, who has returned to office after winning election in March. Obama said Chile has been a model democracy in Latin America and he wants to deepen cooperation between the two nations.
The Overseas Private Investment Corporation on Friday approved a loan guarantee of up to $230 million to support Tempe, Arizona-based First Solar's construction of a 141 megawatt solar power plant in Chile's Atacama Desert, which receives some of the planet's steadiest concentrations of direct sunlight.
Since June 2013, OPIC has approved almost $900 million of loan guarantees for six renewable energy generation projects in Chile, making the U.S. the largest lender for those projects. The White House said the projects help generate U.S. exports and support U.S. jobs.