Chilean power generator Colbun has secured financing for two new hydroelectric schemes in the country, with a combined generating capacity of 500MW.

According to reports from Reuters, the company said it is planning to invest $1M to build the San Pedro and Angostura schemes.

Work is expected to start on the San Pedro project – located 800km south of Santiago – in March or April this year, subject to environmental approval. An environmental impact study is still underway for the Angostura project, to be located 590km south of Santiago.

Early last year, the company announced plans to invest around $1.5B to build hydro plants and a coal fired station between 2008-2012.