SN Power to invest USD 400 million in the Cheves Hydropower project in Peru

30-9-2010

SN Power has decided to invest USD 400 million, approximately NOK 2350 million, in the hydropower project Cheves in Peru. The construction will begin in 2011, and is expected to be finalized after three years at the end of 2013.

The Cheves hydropower plant will be fully owned by SN Power and will add 168 MW to the Peruvian interconnected system once operational. A new transmission network between the districts of Huara and Oyón, will also be constructed as part of the project.

“SN Power has been in Peru since 2003, and we are today the fifth largest electricity provider in the country.  We have decided to invest in the Cheves Hydropower project to keep our market position, as we see Peru as an interesting market also in the future, ”says Elsbeth Tronstad, Executive Vice President Communication and CSR, SN Power.

Sustainable development

Cheves has been approved and registered to generate carbon credits under the UN`s Clean Development Mechanism (CDM). Through generation of renewable energy, Cheves will replace some of Peru`s thermal power production and the UN confirms the project will reduce global CO2 emissions by an estimated 394 000 tonnes annually. The CDM approval and registration was a decisive factor for the realisation of the project.

About SN Power

SN Power operates eight hydropower plants in Peru with a capacity of 273 MW and annual generation of 1.6 TWh, and about 200 employees.

SN Power is the only significant Hydropower development company in the world, operating exclusively in emerging markets. The company is a joint venture between Statkraft and Norfund, and has projects and operations in Asia, Latin America and Africa. SN Power is working to develop a portfolio of 4,000 MW of Hydropower plants by 2015, while combating climate change and contributing to sustainable development. SN Power has over 5000 people employed in twelve countries around the globe. Our headquarters are in Oslo, Norway.
 
Press contacts:
 
Elsbeth Tronstad
Executive Vice President Communication and CSR
+47 24 06 86 13 (direct)
+47 90 58 23 83 (mobile)
elsbeth.tronstad@snpower.com

Karin Greve-Isdahl
Communication Director
+47 41 19 23 29 (mobile)
kgi@snpower.com