On Thursday, MEMC Electronic Materials (NASDAQOTH:SUNEQ) subsidiary SunEdison announced that it has signed an agreement to build Chilean iron miner-cum-steel producer CAP a new solar power plant. And not just any solar power plant, mind you, but "the largest solar photovoltaic power plant in Latin America and one of the largest in the world."

Clocking in at an impressive 100 MW worth of installed capacity, the new plant, to be built in the middle of Chile's Atacama Desert, is expected to supply 15% of CAP's annual energy consumption, cleanly, and at a lower cost than what CAP pays for its energy today.

Financial terms were not disclosed, nor did MEMC say when, precisely, it expects to have the new plant go online. But the "first phase" of the project is expected to be complete before the end of the year.

MEMC shares are up 3% on the news, at $4.14.

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