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In a filing to Peru's securities regulator SMV, GyM said the deal is worth US$680mn and that preliminary work now will begin, while the rest of the project will start once Cerro closes financing.
Operations are penciled in to begin in 2015, Rosa Flores Araoz, managing director of Cerro's parent Inkia Energy, announced last week at the 8th BNamericas Southern Cone Energy Summit in Lima. Inkia controls Cerro through Kallpa Generación.
The hydro will use water from the Mantaro river, between the districts of Surcubamba and Colcabamba.
Flores also said plans envision increasing the hydro's capacity to 525MW.