Chilean fund manager Toesca Asset Management has agreed to acquire a large-scale solar project in Chile.
Under the agreement, the fund manager will purchase 100% of the shares in the Luz del Norte solar project from Arizona-based solar developer First Solar and assume any existing debt incurred by the project.
Toesca will finance the acquisition through existing funds and a long-term credit contracted by the firm.
The Luz del Norte project is a 141MW project located in the Atacama region. The project has been operational since 2016. First Solar started developing the project in 2013 (PFR, 8/20/20).
Within the renewable space, the Santiago-based fund manager owns a solar portfolio of PMDG assets located across the Valparaiso and Biobío regions. The Cóndor del Sol portfolio includes 17 projects and is expected to reach 120MW in installed capacity by the end of this year.