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The company has 24 months to carry out feasibility studies, the official gazette reported.
The work will target districts Ocumal, Pisuquia, Cocabamba, Balsas, Celendin, Chumuch and Cortegana in provinces Celendin, Luya and Chachapoyas, in regions Cajamarca and Amazonas.
The ministry's general power department will cash in the project deposit if the company fails to carry out the studies within the 24-month timeframe.
Odebrecht already holds a temporary concession for the 825MW Cumba 4 hydro project which would span Cajamarca and Amazonas.
And earlier this year, local company official Jorge Barata announced Odebrecht could begin construction of the 360MW Chaglla hydro project in September.
In December, the ministry and Odebrecht unit Generacion Huallaga signed the definitive concession contract to build Chaglla, which will use water from the Huallaga river in Huanuco region. Commercial operations could begin in the second half of 2016.