The 32m high dam is to be built 15km south of Chimbarongo, on the Chimbarongo river in Region VI. The reservoir is expected to provide irrigation water to some 30,000ha, as well as tourism and power-generation benefits.

Convento Viejo will be followed by projects for the Ancoa and Punilla dams, which are to be auctioned off next year. Ancoa dam, estimated to cost US$34M, is to be built on the Ancoa river near its confluence with the larger Maule river in Region VII.

The US$130M Punilla dam is to be built on the Nuble river in Region VIII. Both are multi-purpose dams.