Geothermal energy offers significant potential for electricity generation and heating or cooling in Latin America. Chile is a notable case study due to its particular ‘ondulating’ trajectory in adopting and developing this renewable energy source. Chile's approach to geothermal energy is set within the broader context of its energy transition and sustainability efforts. Recognized as one of the leading emerging economies in the Americas, Chile has significantly increased its renewable electricity capacity and reduced greenhouse gas emissions over the last decade. In this context, geothermal energy has been considered an opportunity to clean up the energy mix, but the development of geothermal projects has been slow and unstable in Chile. This chapter examines Chile's experience in geothermal energy development. The lessons learned from the Chilean experience show that the mere capacity potential from geothermal sources is not enough for its successful development and that the contribution of geothermal energy to the global discourse on energy transition is still modest. The findings highlight the challenges, market barriers, and social concerns associated with geothermal energy, providing a comprehensive perspective on its trajectory and prospects in this country.