A technical assistance has also been approved by the IIC to study the technical, commercial, and financial feasibility of the project.
Being developed on the Huaura River in Sayán district, the facility will produce approximately 130.7GWh a year. It is planned to be commissioned in December 2016.
Huaura Power general manager Alfonso Bustamante said: "With the Yarucaya hydroelectric plant coming online, our group changes its role of investor in the power sector to one of developer of power generation projects.
"This is the start of a series of new renewable energy projects that will have a low environmental and social impact, low installation cost, and high importance for a power system that is ever more dependent on natural gas."
Huaura Power was launched to develop, build, and operate the Yarucaya hydroelectric plant as well as construct approximately 20.5km transmission line.
