Rurelec Plc, a U.K. power company that operates plants in Latin America, will receive $7.2 million from the Inter-American Investment Corp. for a hydroelectric project in Peru.
The Canchayllo project has now been fully financed and is at an “advanced stage of construction” on the Pachacayo River in Peru’s central province of Junin, Rurelec said today in a statement. It is owned by Cascade Hydro Ltd., a Peruvian power generation company in which Rurelec has a 70 percent stake.
The 5.3-megawatt project is expected to start producing energy in the first quarter, according to the statement. The Inter-American Investment Corp. is a unit of Washington-based Inter-American Development Bank. Rurelec is based in London.