Carnegie, in conjunction with its Chilean representative and local development partner has been working on Chilean opportunities for its CETO technology for some time. Part of this effort has now resulted in a detailed Chilean site assessment study which builds on the previous Chilean wave energy study by Garrad Hassan. That study found that if only 10% of the theoretical wave resource identified was extractable then potentially 17GW of capacity could be installed off Chile. This has the potential to completely power the main Chilean Electricity grid (the Sistema Interconectado Central). Carnegie’s site assessment study, which analysed a number of CETO specific criteria, identified a number of immediately viable CETO sites along the Chilean coast.

Based on the favourable site assessment results Carnegie has also now appointed the Chilean based Renewable Energy Development Enterprises (REDE) as its local Chilean development partner. Carnegie and REDE have signed a five-year development agreement which will see the companies work together in building CETO projects in Chile.

As part of the agreement Arturo Troncoso, the Executive Director of REDE, has been appointed as Carnegie’s South American Development Manager.

“It is a great time for us to move forward formally with our Chilean development partners,” commented Carnegie’s CEO and Managing Director, Dr Michael Ottaviano. “It is encouraging to see the Chilean government’s efforts over the last few years and the recognition of the role this enormous untapped resource could play. Our site assessment results combined with the macro economic factors in Chile gives us the commercial confidence to move forward with our Chilean project development plans.”

The Chilean Government has recently supported wave energy feasibility studies including the deployment of wave buoys for site specific measurements. They have also enacted Non Conventional Renewable Energy target legislation to financially incentivise renewable energy development outside of the hydroelectric industry. The main Chilean electricity grid sources approximately half of its energy from hydroelectricity and the other half from imported fossil fuels. Wave energy offers Chile an important alternative opportunity to increase its energy security on a large scale in an environmentally friendly, safe and sustainable way, says Carnegie.