Geothermal vents in Chile. (Image credit: Stefaan & Eric on Flickr)

The Chilean government has invited bids for geothermal exploration blocks, mostly in the north of the country. This is part of the country's push towards diversifying its energy porfolio in order to rely less on fossil fuel.

The geothermal potential in Chile has been determined to be significant, with estimates showing geothermal output could be as high as 3500 MW. Most of the geothermal blocks are in the north of the country, the home of many mines. It is estimated that investors will have to invest anywhere from USD 500,000 to USD 3 million per block for exploration.

The country has hydroelectric power installations, although they've underperformed in 2008 due to heavy droughts that hit the country. There is also wind energy potential, which the country plans to take advantage of as well by encouraging wind power projects.