Peru has awarded the concession for construction of the 525MW Cheves hydro project to the Peru Hydro Consortium (PEC). The consortium includes Statkraft (51%), AES (42%) and Peruval (7%). Cost of construction is estimated at US$500M. The project was put on hold in 1999 to allegedly resolve environmental and technical problems.

Peru is to sign another concession for the 84MW, US$100M Huanza hydroelectric project, proposed by Synergies Energy Development, Harza Engineering and CyA Phrohista.