The Peruvian government not long ago submitted a bill to Congress, plans to renewable energy power generation tax incentives extended to December 2035, including wind, solar, bio-energy, hydro and geothermal energy and other renewable energy class investment projects can enjoy the benefits. In recent years, the Peruvian government has vigorously promoted the development of renewable energy by introducing relevant support policies and favourable initiatives.

Peru has rich renewable energy resources and large development potential. Take solar energy as an example, the country is close to the equator, and the annual direct radiation in the southern region reaches 3,000 kWh/m2. Peru will develop renewable energy as an important initiative to promote the transformation of the energy structure and respond to climate change. In the document ‘National Autonomous Contribution’ formulated by the Peruvian Government, there are 38 items related to the energy sector, of which 24 are related to the restructuring of the energy mix, including the expansion of the deployment of solar power generation, the use of renewable energy generation for the provision of electricity services to areas that are not connected to the grid, and so on. The National Electricity Company of Peru promotes the implementation of the Roadmap for a Zero-Emission Energy Transition 2030-2050, which includes the promotion of electricity generation from renewable energy sources, the promotion of electric vehicles, and the strengthening of research on new energy technologies, with the goal of increasing the share of renewable energy in the country's total electricity generation to 81 per cent by 2030. The goal is to increase the share of renewable energy power generation in the country's total power generation to 81 per cent by 2030. The Peruvian Government also hopes to create more jobs through the construction of renewable energy projects, such as solar and wind power, and to promote the cause of poverty reduction.

In April last year, Peru's Ministry of Energy and Mines announced that four renewable energy power plant projects will soon begin operations. four projects are located in Ica, Arequipa and Moquegua regions, with a total investment of more than 530 million U.S. dollars, which will add 507 megawatts of electricity to Peru's national power system. Peru's Ministry of Energy and Mines said that the implementation of these projects is aimed at using Peru's abundant renewable energy to diversify the energy matrix, while reducing energy prices.

In recent years, China and Peru have deepened cooperation in the field of renewable energy, and more and more Chinese companies are actively involved in Peru's energy transition process. In June last year, China Southern Power Grid International (Hong Kong) Co., Ltd. completed the acquisition of 83.15 per cent of the shares of Peru Power Distribution Company and 100 per cent of the shares of X Peru. Among them, X Peru focuses on the development of distributed photovoltaic, energy-saving transformation of public lighting, new energy storage and the promotion of electric buses and other emerging businesses.

The San Gavan No. 3 hydroelectric power plant project in Peru, jointly invested by Three Gorges International, a subsidiary of Three Gorges Group, Sinohydro, a subsidiary of CCCC, and the China-Latin America Production Capacity Co-operation Fund, is in progress. The project, with a total installed capacity of 209,300 kilowatts, will be the sixth largest hydroelectric power plant in Peru after completion, with an average annual power generation of about 1.252 billion kilowatt-hours, which is equivalent to a reduction of 338,000 tonnes of carbon emissions, and at the same time will help alleviate the tension in electricity consumption in the southern region of Peru, and promote the development of the local industry and the regional economy.

‘China's progress in the field of renewable energy is remarkable, and Peru hopes to strengthen relevant cooperation with China for mutual benefit.’ Carlos Aquino, director of the Centre for Asian Studies and professor of economics at the National University of San Marcos in Peru, said. Ania de Cuellar, former Peruvian minister of housing, construction and water, said Peru is interested in promoting technical cooperation programmes with China, such as the development of photovoltaic power generation systems that will not only supply electricity to Peru's rural areas, but also heat residents in winter. Peruvian President Boruarte said more Chinese companies are welcome to invest in Peru and strengthen cooperation in infrastructure, green development, clean energy and other fields. Editor/Xu Shengpeng