Peru is implementing an international strategy to attract investment from the United States, Europe and Asia into renewable energy and energy storage projects, according to Daniel Ignacio Córdova Espinoza, Director of Investment Promotion at PromPerú.

“We are rolling out a fairly aggressive strategy to identify companies in these markets and provide them with detailed information on the investment opportunities available in Peru,” the executive said.

The initiative includes tailored engagement with interested foreign companies, offering direct support from the initial exploration phase through to project execution.

“We want to showcase opportunities in solar power generation along the southern and northern coast, wind energy in strategic areas, geothermal resources in the south and biomass projects in the Amazon,” Córdova Espinoza explained.

At the government level, the strategy is being deployed through an inter-institutional approach. The Office of the Prime Minister is leading the process together with the Ministry of Energy and Mines, the Ministry of Foreign Trade and Tourism, ProInversión and PromPerú. The aim is to integrate capabilities to identify, promote and facilitate investments that help diversify the energy mix and accelerate the country’s energy transition.

“He has also been targeting investment that has been flowing into Argentina, Chile and, to some extent, Bolivia, so that investors can also see the opportunities on the renewable generation side, for example, solar energy in the south of the country, along the southern coast, and wind power potential on both the southern and northern coast,” he noted.

This approach was presented by the official during the Future Energy Summit (FES) Southern Cone, where PromPerú outlined the roadmap it is using to stimulate foreign capital inflows, particularly at a time when the country is moving towards a cleaner economic model.

Peru is currently recording economic growth of around 3%, but PromPerú expects this figure to rise to 3.5% and exceed 4.5% in the medium term, driven by structural reforms, tax incentives and the streamlining of administrative procedures. Under this scenario, sustained growth in energy demand is anticipated, requiring an expansion of generation and energy storage capacity to support the development of productive sectors.

However, Córdova Espinoza warned that the main challenge for the sector is that regulation is advancing more slowly than investment promotion, which poses a risk to the country’s competitiveness at a regional level.

“The regulatory side cannot lag behind. It is a critical factor, and we are making an effort to catch up, especially with regard to energy storage,” he cautioned.

Recent progress includes Law No. 32,249, which provides a foundation for regulating energy storage, although legal gaps remain that must be addressed to give certainty to investors. The need for comprehensive planning of transmission lines was also highlighted, ensuring alignment with the location of renewable projects and rising demand.

“Regulation must be clarified so that it is aligned with the potential of each sector, and to prevent it from arriving too late for technologies that are advancing very rapidly,” he said.

Another key element highlighted was contracting. “Encouraging the revival of private contracts is essential to facilitate financing and create a more attractive environment for investment.”

Although Peru started out behind some other regional economies, it is now pursuing an active strategy to capitalise on the energy transition by integrating promotion, regulation and infrastructure. “Demand will be there. What we need to do now is level the regulatory playing field to make that change possible,” Córdova Espinoza concluded.

Rewatch the event here: https://www.youtube.com/watch?v=dcqxLQGp3SE