Wikipedia
HidroAysén (Pronounced: ) is a controversial megaproject that aims to build five hydroelectric power plants in Chile's Aysén Region, two on the Baker River and three on the Pascua River (with government subvention included to help relief costs).
The dams would generate a total of with further capacity for on average annually. The projected cost is estimated at 3.2 billion U.S. dollars (1.5 trillion Chilean pesos), making it the largest energy project in the country's history.
According to HidroAysén, the project could generate 21% Central Interconnected System's (SIC) demand by 2020. A high-voltage direct current will be built between Aysén and the capital Santiago to feed the SIC and will include a submarine portion between Chaitén and Puerto Montt.
HidroAysén is owned by a corporation which is a joint venture between Endesa (a subsidiary of Italian conglomerate ENEL), with a 51% stake and by Colbún S.A. which owns the other 49%.
The dams were approved on May 9, 2011 under the government of President Sebastián Piñera. The decision was made by eleven counselors on a committee. Ten voted in favor, with one abstention. Twenty-seven days earlier the Foreign Investment Committee was already aware of the decision ahead of time. The transmission line is yet to be approved. If completed these companies would own 80% of the Chilean energy market together establishing a duopoly. The project was placed on hold in early June 2012 due to protests. In June 2014, the project was rejected by the government of Chile, due to calls from environmentalists.