Last week the Chilean government successfully closed the bidding process for geothermal energy development, awarding concessions for development totalling USD 106 million in investments. Both national and international companies were invited to participate in the bidding process for more than 700,000 hectares of land.

Geothermal exploration concessions were presented by the Chilean Minister of Mining, Santiago González, who pointed out geothermal development is a challenge for the government, involved in promoting this renewable energy resource.

The process involved nine companies, of which five are subsidiaries of foreigh companies, with significant experience in the development of geothermal energy projects around the world. The amount of USD 106 million has been pledged by the companies over the next two years.

In addition to the new concessions, Chile has already given the go ahead for two geothermal projects totalling in 125 MW and USD 452 million in investments to GGE Chile SpA and ENERCO Company.

[source: Chilean Ministry of Mines, via: Think GeoEnergy]