Speaking about the plans, Chilean energy minister Rodrigo Álvarez Zenteno said it offered an "extraordinary investment opportunity" for the European sector.
Álvarez told a Madrid conference last Friday "there is immense space for investment in renewables like wind and solar in Chile".
He also promised "a wide-ranging tendering process will be launched within the next few months" to develop distribution infrastructure.
The minister also highlighted Chile’s favourable regulatory climate for investment by foreign companies as well as the interest shown by banks for investing in the Chilean renewables sector.
Last month, Enel Green Power said it planned to spend $570 million on Chilean renewables projects over the next five years, including a wind farm in the north of the country.
According to the latest Windicator, Chile’s wind capacity currently stands at 168MW.