Israel Corporation subsidiary Inkia Energy has signed an engineering procurement contract for the construction of a huge 510 MW hydro-electric project in Peru. Its Cerro del Águila Hydroelectric Power Plant will be located in the province of Tayacaja.

Peru is a country that already gets 48% of its electricity from hydropower, which depends on water at elevation for its operation. Peru's Energy and Mines Ministry, Pedro Sanchez said in a press release that the project is one of three hydroelectric plants it was seeking tenders for building and operating, that will require a combined investment of $1.7 billion.

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