Govt allocates US$5mn for Olmos project

- Friday, June 3, 2011

Govt allocates US$5mn for Olmos project

The government of Peru has issued an emergency decree authorizing the transfer of 13.8mn soles (US$5mn) for the Olmos multipurpose hydro project (PEOT) in Lambayeque province.

The funds will be used to finance work under the project's US$240mn water transport and irrigation component, as well as to cover the cost of insurance, compensation and relocation.

The first component of the three-stage Olmos project entails building a dam and tunnel to transport water from the Huancabamba river in the Amazon basin to Lambayeque. The second and third phases include a power generation component and an irrigation component, respectively.

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The 50MW power component will cost US$60mn-80mn.