SN Power wins majority of 158.6-MW Cheves 1 developer

The Peru subsidiary of Norway’s Statkraft Norfund Power Invest (SN Power) has acquired a majority stake in the developer of the 158.6-MW Cheves 1 hydroelectric project in Peru.

Peru news agency Andina said SN Power’s majority-owned Empresa de Generacion Electrica Cahua reported to regulators that SN Power acquired sufficient common stock for control of Empresa de Generacion Electrica Cheves (EGEC).

EGEC holds a concession from Peru’s Ministerio de Energia y Minas to build Cheves 1 in Churin District. It is to be built over 60 months for an investment of US$160.4 million. (HNN 5/21/07)

Additionally, SN Power’s Peru unit, SN Power Peru Holding, transferred to EGEC the studies it has completed relating to development of Cheves 1 and additional hydro projects Cheves 2 and 3.

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