Solar panel maker First Solar has purchased Chilean solar development company Solar Chile as energy demand continues to rise in the region.

The companies provided no financial terms in announcing the deal on Wednesday.

First Solar Inc., which is based in Tempe, Ariz., bought Fundacion Chile's stake in the company. First Solar and Fundacion Chile created a strategic working alliance with each other in October 2011. Fundacion Chile will continue to provide consultation services.

Solar Chile has photovoltaic power projects totaling approximately 1.5 gigawatts in northern Chile. Its five employees will join First Solar.

First Solar shares finished at $31.02 on Tuesday. They have almost tripled from a 52-week low of $11.42 in June. They peaked for the past year at $50.20 last February.

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