Peru signs contracts for wind, solar energy

according to BusinessWeek

Peru's government has signed contracts with companies that are expected to invest $1 billion in wind, solar and hydroelectric energy projects.

President Alan Garcia oversaw the signing of contracts Monday with 26 companies that are to build three windmill parks, four solar power plants and 17 small hydroelectric plants.

A government statement says the businesses have agreed to build the plants and start generating electricity "with the guarantee of prices that make their investments profitable."

The contracts were signed by Juan Coronado of the company Energia Eolica, which represents the 26 companies. He says the clean energy projects will be finished in two years and will produce 412 megawatts