Chile: A Hot Geothermal Market
Source: Renewable Energy World, Stephen Lacey (8/30/10)
"Chile pledges over $200M in geothermal projects within two years."
Ricardo Raineri announced that Chile will grant over 170 concessions to geothermal developers through 2012. He expects the concessions to result in hundreds of millions of dollars in investment from international companies.
Raineri also said he will work with the legislature to help make the regulatory process smoother for companies wanting to develop projects in the country.
Giving concessions and speeding up the regulatory process are important steps, but they do not guarantee a project will be developed. The success of the program can only be measured after many years of exploration and development have taken place.
There are signs that the market is taking off, however.
Companies like Ram Power Corp. (TSX:RPG) have been making more announcements about potential projects in the Central and South American region.
So why is geothermal such a great idea for the region? Well, when your local mountain range (if local is 4,300 miles long) lets off steam like this, you know you've got a good resource: