Financial terms of the deal were not disclosed. The investment was made out of the venture capital firm’s Latin Power III fund.

Conduit said it is continuing to look for investments in the region.

GLEP has a total of 411MW of small hydro capacity either in construction or development in 24 projects.

Two plants are under construction – Piedade, in Minas Gerais state, and Santa Luzia Alto, in Santa Catarina – both of which are expected to be completed by the middle of next year. The former has a 30-year power purchase agreement (PPA) in place, the latter a 34-year deal. Separately, they also have 11-year and 12-year PPAs, respectively, with private industrial clients.

Some of the follow-on projects in the portfolio are expected to be built over 2010-2012.