Celaris Energy plans to add between 1000 and 1200 MW of renewable capacity in Peru by 2029-2030 , through a portfolio in which wind and solar technologies will play the main role.
“ We are designing the portfolio mainly with wind and solar ,” revealed Javier Estrella, Business Development at Celaris Energy , during his participation in the streaming event “It had to be said and it was said ,” organized by Energía Estratégica , where he also focused on the conditions that will have to accompany the growth of renewable investments in the Peruvian market.
The executive added that the incorporation of battery energy storage systems (BESS) will depend on the evolution of Peruvian regulations.
The plan would represent a significant leap forward for Celaris Energy's presence in Peru. The company has been operating in the country for approximately three or four years , establishing a presence through the acquisition of projects and assets, including the Caravelí wind farm.
The latter is still under construction and, according to what Estrella said during the streaming, it is expected to become operational by the end of this year.
Celaris Energy functions as the generation and marketing arm of the energy produced by its power plants and is part of the Colombian group Argos-Celsia , so its Peruvian strategy is part of a regional energy platform.
The new government and the pending agendas for investment
The plan to reach up to 1200 MW by the end of the decade coincides with a defining moment for the Peruvian electricity sector . The change of government opens a new chapter for an agenda that still has pending regulatory issues.
These include the regulatory implementation stemming from Law 32249 , published in January 2025, which amended Law 28832 to promote the efficient development of electricity generation. This is complemented by relevant definitions for new technologies, particularly those related to energy storage and ancillary services.
The new administration, with Guillermo Shinno Huamaní at the helm of the Ministry of Energy and Mines , will thus face the challenge of continuing to advance a framework that provides greater certainty for developers, generators, and financiers. In this context, Estrella directly links the pending decisions to the market's capacity to offer predictability and attract capital for new projects .
“ These are pending agendas that we hope this new government can also promote in order to allow predictability in the market and thus encourage investment ,” the executive stated.
Bankability from a development perspective: the condition for bringing MW into operation
The growth objective, however, is accompanied by a definition that Estrella considers central to converting a pipeline into bankable assets: bankability does not begin when financial closure is sought, but during the early stages of development .
“ Bankability is built from the first day of development, not at financial close. A poorly developed project cannot be fixed with better contracts ,” the executive stated.
From that perspective, variables such as the quality of the resource measurement, the clarity of the easements and the connection point end up conditioning subsequent access to financing.
For Estrella, the financing reflects the quality with which the asset was previously developed. This is complemented by other variables such as the creditworthiness of the energy buyer, their credit rating, and the CAPEX decisions made during the plant's design and construction .
Finding the lowest price for components is also not a priority under this approach. The executive warns about the impact that an initial decision can have throughout the project's lifespan.
“ The decision to choose a tracker at the lowest price is a mistake that will be paid for for 20 or 25 years after the decision, for the entire lifespan of the plant. So, today, competition is no longer based on price ,” he stated.
According to the proposal, the market is instead focusing on coverage, safety, and construction quality , with the aim of sustaining plant productivity and providing greater predictability to future income.
Operation and maintenance are also part of this equation from the outset. The associated costs must be considered in the financial model, while there are technological risks that are more difficult to transfer through insurance or warranties.
One of these is the loss of efficiency of solar modules over their lifespan . To address this, Estrella identifies the selection of recognized manufacturers with proven experience and a significant market share as a key safeguard.
“ The only guarantee, the only insurance one has against that is the recognized brand, the brand recognition, having manufacturers who have extensive experience, proven experience and a significant market share ,” he explained.
Permits: three-year developments can be extended up to five.
The permitting process is another critical factor for the bankability of renewable energy projects in Peru. Lenders analyze the progress of environmental and electrical authorizations, concessions, easements, and the quality of social management implemented during development.
In addition, there is the archaeological component, which Estrella identifies as another relevant variable in the Peruvian market. While institutions have regulatory deadlines for their assessments, the framework allows for extended reviews , introducing uncertainty about the timeline until the ready-to-build condition is reached.
The executive specifically mentions the processes associated with the System's Economic Operation Committee (COES) and the General Directorate of Environmental Affairs (DGAE) , and warns that overly optimistic planning could end up affecting the dates planned for commercial operation.
“ Experience has revealed that sometimes the time required to obtain these types of permits can extend up to four or six months longer than expected, which ends up severely impacting the bankability of the project ,” he warned.
The effect can be even greater on the overall development timeline. “ A project can be developed in the best-case scenario in three years; however, there have been cases where they have extended to five years, and that doesn't exactly help the bankability of the projects either ,” the executive explained.
These conditions become particularly relevant when Development Finance Institutions (DFIs) are involved. According to Estrella, these actors can support investments in growth markets such as Peru, Chile, or Argentina, although they apply their own standards and conduct thorough reviews of the quality of development.
In that process, due diligence analyzes in detail the documentation and compliance with international standards, including those linked to the International Finance Corporation (IFC) .
BESS: the other pending definition for the new portfolio
In parallel, storage appears as a potential technology within Celaris Energy's expansion, but is still conditioned by the Peruvian regulatory and economic framework .
The company observes activity in energy procurement through power purchase agreements (PPAs) between large industrial and mining consumers, particularly those seeking to meet sustainability goals.
In this context, Celaris Energy already has its Manta power plant certified to issue International Renewable Energy Certificates (I-RECs) and plans to replicate this capability in its new plants. The goal is for its industrial clients and distributors to be able to certify the renewable origin of their contracted energy supply.
But for batteries to gain more space in future developments, Estrella believes it is necessary to create additional revenue streams capable of financing their incorporation .
“ Currently, BESS is being incorporated with the sole purpose of improving the quality of supply, but there is no compensation associated with the implementation of this component ,” he noted.
Thus, while Celaris Energy is designing a portfolio of up to 1,200 MW of renewable energy by the end of the decade , the strategy is not limited to simply adding capacity. Bankability from the early stages, permitting timelines, and the definition of a scheme to remunerate storage appear as key elements for transforming this pipeline into new operational capacity in Peru.