Peru’s government has signed contracts with 26 companies that are expected to invest US$1 billion in renewable energy projects. The country’s President Alan Garcia oversaw the agreements, which outline that four solar power plants are to be constructed in the country.
A government statement outlined that the businesses have agreed to build the plants and start generating electricity “with the guarantee of prices that make their investments profitable.”
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The contracts were signed by Juan Coronado of the company Energia Eolica, which represents the 26 companies. The renewable energy projects are expected to be finished within two years and will together produce over 412MW.