PERÚ - Observatory for Renewable Energy in Latin America and

Perú- Products I and II
Availability of the Resource
According to the technical report Nº 252-2010-ANA-DARH/ORDA/JAH-ACF, it
was granted the license to use water from the “Blanco” river to the Hydroelectric
Power Station “Santa Cruz II” for a yearly volume of 110,94 MMC, distributed in
the following way:
Chart N° 59: Availability of the water resource for the “Santa Cruz II” Hydroelectric Power
Station
Water
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
Availability
Q (m³/s) 5.43 6.83 5.74 4.69 2.81 2.31 1.81 1.75 1.77 2.22 2.95 4.15
Total
V (MMC) 14.54 16.52 15.37 12.16 7.53 5.99 4.85 4.54 4.74 5.95 7.65 11.62 110.94
2.3.6 Economic Aspects
Financing
The investment in the project increased to 10,2 million dollars approximately.
The project was implemented through “Leasing”, with a participation of equity
capital that amounted to 30 % of the investment, in a period of 10 years and a
discount rate less than 10 %. All this was done through the INTERBANK, entity
belonging to the local banking system (HSCSAC, 2011).
Economical Sustainability
The RER regulation framework gives a number of benefits to renewable energy
projects (MEM, 2008). The most important are detailed below:
‐ The priority for the daily load dispatch made by the COES.
‐ An energy supply contract for 20 years, guaranteed price equal to its supply
(Awarding Tariff).
‐ The injected energy “above” the awarded energy (committed through a
contract with the state) is valued at Marginal Cost of the system, which
represents an extra revenue for the awardee RER generator (income for
energy surplus).
These mechanisms reduce the uncertainties in front of the volatile costs that exist
in the interconnected system, guaranteeing for a period of 20 years a minimal
income that after being evaluated by the company makes attractive the investment
in renewable projects. It could be said that if tehere has been executed an
exhaustive study of the resource, the cash flow of the project is guaranteed too.
Moreover, in order to improve its cash flow and ensure the profitability of the
project, the “Hidroeléctrica Santa Cruz S.A.C.” proceeded to accomplish the
necessary steps to apply for the CDM. This objective was achieved having as
purchaser of emitted CER’s the company “Endesa Carbono Limited Company”.
This company is in the whole valuable chain of the CO 2 market, identifying and
investing in CDM projects of other promoters, purchase and sells the generated
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