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24 June 2003 - Peru's central government and the regional authorities in the department of Pasco said late Friday they had reached a deal on how to proceed with the privatization of a 30-year concession for the Yuncan hydroelectric plant.
Government privatization agency ProInversion said in a statement that it and the regional authorities had agreed that the best way to finish work on the plant was by attracting private sector investments.
The government recently delayed the auction on the recommendation of an investment bank, as various bidders wanted more time to take a detailed look at the plant.
The sale, which had been delayed on an earlier occasion, had been opposed the newly-elected president of the Pasco region in central Peru, where the partially constructed plant is situated.
The Yuncan plant, 340 km northeast of Lima, is expected to begin service at the end of 2004.
Government officials have said the pre-qualified bidders for Yuncan include Belgium's Tractebel SA, part of the Suez group , and U.S.-based Public Service Enterprise Group Inc.
The Yuncan plant will have an installed capacity of 130 MW.
The government has said that of the estimated total cost of $262m for the Yuncan project, it has already invested $130m.
The base price for the concession has been set at about $60m.
The winner will have to pay an additional $140m to reimburse financing already given, mainly by Japan's Bank for International Cooperation - JBIC.
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