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China-based solar panel manufacturer Yingli Solar opened its third Latin American office in Santiago, Chile.
The company, which claims to be the largest panel builder in the world, said in a statement that it hopes to have 700MW of panels installed in Latin America this year.
The head of Yingli Solar's new Chile division, Robert Muhn, said the company will focus on large-scale projects in the country.
Muhn cited Chile's high electricity prices and the Atacama desert, which boasts some of the world's most potent solar resources, as favorable to Yingli Solar's development in the country.
Chile had 184MW of solar capacity installed as of June, accounting for 11% of the country's non-conventional renewable energy (NCRE) generation.
According to the statement, solar demand in the region is projected to surpass 1GW in 2015.
BNamericas will host its fourth LatAm Power Generation Summit in Santiago, Chile, on August 13-14. Click here to download the agenda.