Monday, December 10, 2007

Pacific Hydro plans Chile renewable energy projects - Wind intiatives discussed

SANTIAGO, Dec 10 (Reuters) - Australia's Pacific Hydro said on Monday it plans to invest some $500 million to develop renewable energy projects in Chile once the Andean country passes new legislation for the sector.

"Once the Renewable and Non-conventional Energy law is approved we expect to develop projects to generate some 250 megawatts, with investment of some $500 million," Pacific Hydro said in a statement.

Pacific Hydro and mine giant BHP Billiton said in November they signed an agreement to develop wind power in excess of 100 megawatts in Chile's northern mining region.

Chile's government is working on a law that could see 5 percent of the nation's electricity generated through renewable means by 2010.

The law has been approved by the lower house, or Chamber of Deputies, and the Senate is expected to give it a green light in the first months of 2008.

Here is the full article.