Renewable Energy Companies to Invest $7 Billion in Chile Power

Renewable-energy developers plan to invest $7 billion for wind and solar projects in Chile.

The government awarded 70 concessions for solar power projects and six for wind farms, the country’s Energy Minister Maximo Pacheco told reporters today in Santiago. There were more than 30 recipients.

Chile has 1,716 megawatts of renewable-energy capacity, or 8.9 percent of the total installed, according to a report this month from the Energy Ministry’s Renewable Energy Center. Wind accounts for 40 percent of the total, and biomass is second with 26 percent.

The country’s environmental regulator has approved 6,100 megawatts of solar projects, and 487 megawatts of solar farms are under construction in Chile. The country has expanded its renewable capacity by 600 megawatts this year.

To contact the reporter on this story: Vanessa Dezem in Sao Paulo at vdezem@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Will Wade, Steven Frank

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