Santiago, July 31: Chile and Spain will spend more than USD 1 billion to set up Latin America's largest wind farm in this Andean nation, a news agency reported on Thursday.
Spain's energy firm Grupo Enhol and Chile's Haciendas Talinay Wednesday announced their joint venture Eolica Talinay that would have a capacity to produce 500 megawatts of electricity.
The project would be built in three phases near the city of Ovalle, some 411 km north of Santiago. It would start in 2009 and would be completed in 2011, a statement issued by Enhol said.
The project would include construction of aerial transmission lines, electricity substation and an open cultural centre, among others.
Enhol director Alfonso Arroyo said: "The aim of the project is to generate clean energy and sustainable development in the area."
Besides supply of renewable energy, the project would create jobs for the local people.
After completion, the project is expected to prevent 19 million tonnes of carbon emissions between 2010 and 2024.