The company agreed to buy with other investors a 50% stake in the Peruvian developer Cascade Hydro.

In addition, it also has the option to acquire power plants for an undisclosed sum with capacity of 32MW that it may build with Cascade.

Rurelec CEO Peter Earl said the company expects to have a total of 100MW of hydroelectric plants in operation by 2016 on Peru’s Pachacayo River.

Previously, Rurelec has lost its stake in Bolivian power company Empresa Electrica Guaracachi in May 2010 following its nationalization, reports Bloomberg.

In addition, Rurelec also operates a thermoelectric plant in Argentina.