Peru issues new PPP Regulation
Peru enacted the new Regulation of Law No. 32441 (the PPP Law) through Supreme Decree No. 316 2025 EF. This reform is expected to strengthen Peru’s PPP framework, enhance investor confidence, and accelerate infrastructure development nationwide.
Below are the key highlights of the new regulation:
- Results‑Based Approach and audit limits: The Regulation establishes that decisions made by public officials cannot be questioned by the Office of the Comptroller General (CGR) solely due to differing criteria, reinforcing legal certainty in decision‑making.
- Institutional role of ProInversion: ProInversion may act as the PPP promoting agency (OPIP) for National Government PPPs. Its mandate covers PPP projects and asset projects with investment amounts above USD 64 million, as well as initiatives assigned by law or delegated by other public entities.
- MEF review: For Regional and Local Government PPPs, the Ministry of Economy and Finance (MEF) must issue an opinion on the Evaluation Report strictly on eligibility criteria. For National Government PPPs, Evaluation Reports prepared by the OPIP do not require MEF opinion.
- Private Initiative proponents: The regulation allows proponents of Private Initiatives to modify their consortium composition up to the signing of the contract, provided they maintain or improve their technical and financial capacity.
- Dispute Resolution: A Dispute Resolution Board becomes mandatory for PPPs with an investment commitment exceeding USD 128.65 million.
Projects that had already initiated formulation or obtained feasibility approval as of December 24, 2025, will continue their processes without reversion. Amendment proposals under review will follow the regulations in force at the time of submission. As of February 10, 2026, MEF, MTC, and MVCS have appointed the first Board of Directors of ProInversion.
Peru and São Paulo Strengthen Investment Ties to Boost Peru–Brazil Logistics Corridors
On a recent investment promotion mission to São Paulo, the Government of Peru, through ProInversion, presented new opportunities in logistics infrastructure aimed at strengthening Peru–Brazil integration and advancing the development of bioceanic corridors connecting the Atlantic and Pacific.
Representing the Agency, ProInversion’s Executive Director Luis Del Carpio showcased Peru’s project portfolio and promoted foreign direct investment (FDI) in infrastructure and productive sectors. Furthermore, the head of ProInversion signed a Memorandum of Understanding (MoU) with InvestSP, the State of São Paulo’s investment promotion agency, to strengthen institutional cooperation, exchange information on investment opportunities, and develop joint promotional activities for investors.
With these engagements, ProInversion is reinforcing Peru’s commitment to accelerating cross-border connectivity, fostering productive integration with Brazil, and positioning the country as a strategic hub for bioceanic trade between South America’s Atlantic and Pacific regions.
ProInversion Advances Over USD 20 Billion Railway Portfolio Under New APP 5.0 Model
Proinversion announced that it will promote a high‑impact railway portfolio exceeding USD 20 billion under the new APP 5.0 model. The initiative seeks to position Peru as one of Latin America’s leading markets for railway infrastructure over the next decade.
ProInversion is currently defining the economic, legal, environmental, land, and risk frameworks required to prepare the corresponding concession processes, which will be structured for future international public bids.
The portfolio includes major projects such as the Lima–Ica Railway (USD 6.542 billion) and the San Juan de Marcona–Andahuaylas Railway (USD 8.162 billion). Additionally, Lines 3 and 4 of the Lima Metro are under evaluation as potential co‑financed PPPs, with estimated combined investments exceeding USD 10 billion, aimed at expanding mass transit coverage in the capital.
According to ProInversion, the implementation of the new APP 5.0 institutional framework will ensure a railway portfolio aligned with international standards, enhancing transparency, predictability, and efficiency in contractual management.
Current public projects
Transportation
Bids in processChoquequirao cable car: The Peruvian government has called for a public bid to award the Choquequirao cable car project as a PPP. The project aims to improve the access infrastructure to the Choquequirao Archaeological Monument from Cusco and Apurimac. The government expects to award this project in the second quarter of 2026.
The awardee will be responsible for designing, constructing, financing, operating and maintaining a cable and bus transportation system to ensure access and comfort for visitors.
According to ProInversion, the project will require an investment of USD 441.57 million.
Potential projects
Lima-Ica commuter rail (Tren de Cercanías): Private parties had until May 2019 to present cofinanced unsolicited proposals for executing this commuter rail, which will connect Lima city to the Ica region. China Railway was the only company to submit a proposal, but it failed to satisfy ProInversion's requirements.
Consequently, the Peruvian government decided to tender this project as a cofinanced PPP. For this purpose, a pre-investment study was conducted and should have been ready by the end of 2020. However, more time was needed to complete the study due to the COVID-19 pandemic and the consequent nationwide suspension of activities ordered by the Peruvian government.
This 324-kilometer commuter train line will include the supply of cutting-edge rolling stock for providing cargo and passenger transportation services. It aims to connect the following infrastructures:
- Basic Lima and Callao metro networks.
- Logistics platforms.
- Port terminals in El Callao.
- The port terminal of San Martin-Pisco.
According to the Ministry of Transportation and Communications, this commuter train line will require an investment of more than USD 6.5 billion. ProInversion will call for a public bid by 2026.
Eight countries have submitted technical proposals for the creation of the Project Management Office (PMO), the entity in charge of promoting the execution of this important railway project: Germany, Canada, South Korea, Spain, France, India, Japan and the United Kingdom.
Electricity
Bids in processPackage 1 – Transmission Plan 2025-2024: ProInversion has called for a public bid to grant 30-year concessions to design, finance, construct, operate and maintain the following transmission projects, which are part of the 2025-2034 Transmission Plan.
| Project | Location | Estimated investment |
| 500 kV Miguel Grau – Pariñas Link and Pariñas Substation 500/220 kV, expansions and associated substations. | Piura region | USD 251.6 million |
| 220 kV Felam – Tierras Nuevas – Salitral Links, expansions and associated substations (ITC Project). | Lambayeque region | |
| New Palián Substation 220/60 kV and associated 220 kV and 60 kV links (ITC Project). | Huancayo region | |
| 220 kV Muyurina – Mollepata Link, expansions and associated substations (ITC Project). | Ayacucho region |
These projects are expected to be awarded in the second quarter of 2026.
Package 2 – Transmission Plan 2025-2024: ProInversion has called for a public bid to grant 30-year concessions to design, finance, construct, operate and maintain the following transmission projects, which are part of the 2025-2034 Transmission Plan.
| Project | Location | Estimated investment |
| 500 kV Colectora – Bicentenario – Chilca Link, expansions and associated substations. | Lima region | USD 391.71 million |
| 220 kV Tintaya Nueva – Nueva San Gabán Link, expansions and associated substations. | Puno region | |
| 220 kV Nueva San Gabán – Puerto Maldonado Link, expansions and associated substations (ITC Project). | Madre de Dios region | |
| 138 kV San Román – Yocara – Maravilla (Juliaca) Link, expansions and associated substations (ITC Project). | Puno region |
These projects are expected to be awarded in the second quarter of 2026.
Package 3 – Transmission Plan 2025-2024: ProInversion has called for a public bid to grant 30-year concessions to design, finance, construct, operate and maintain the following transmission projects, which are part of the 2025-2034 Transmission Plan.
| Project | Location | Estimated investment |
| New Moche Substation 220/138 kV and associated 138 kV and 220 kV links (ITC Project). | La Libertad region | USD 137 million |
| 220 kV Miguel Grau – Sullana Link, expansions and associated substations (ITC Project). | Piura region | |
| 220 kV Miguel Grau – Chulucanas Link, expansions and associated substations (ITC Project). | Huancayo region | |
| New Antuquito Este Substation 220/50 kV and associated 220 kV and 50 kV links (ITC Project). | Ayacucho region | |
| 138 kV Nueva Virú – Trujillo Sur Link, expansions and associated substations (ITC Project). | La Libertad region |
These projects are expected to be awarded in the last quarter of 2026.
Potential Projects
Package 4 – Transmission Plan 2025-2024: ProInversion will call for a public bid to grant the following transmission projects, which are part of the 2025-2034 Transmission Plan.
| Project | Location | Estimated investment |
| 138 kV Belaunde Terry – Valle Grande Links, expansions and associated substations (ITC Project). | San Martin region | USD 122 million |
| 138 kV Campas – Yurinaki Link, expansions and associated substations (ITC Project). | Junin region | |
| 138 kV Shipibo – Manantay Link, expansions and associated substations (ITC Project) | Ucayali region | |
| New Viñedos Substation 220/60 kV and associated links (ITC Project). | Ica region | |
| 220 kV Los Héroes – Garita Link, expansions and associated substations (ITC Project). | Tacna region |
Sanitation
Bids in processSewage treatment system for Cajamarca: In August 2025, ProInversion and the Ministry of Housing declared of interest a co-financed private initiative to design, finance, construct, operate, and maintain a wastewater treatment system for Cajamarca. The estimated investment is USD 178.02 million, and the project will benefit 365,000 people. If no third parties’ express interest, the project will be directly awarded to the original proponent, FCC Aqualia S.A. (Spain).
The government expects to award this project in the second quarter of 2026.
Main works for and distribution of the drinkable water supply for Lima (Obras de Cabecera y Conducción para el abastecimiento de agua potable para Lima): ProInversion has called for a public bid to grant a 30-year concession to design, finance, construct, operate and maintain the following: (i) the extension of the Pomacocha and Huallacocha Bajo dam (approximately 100 million cubic meters); (ii) diversion works in Pomacocha-Rio Blanco (approximately 10 kilometers of a trans-Andean tunnel); (iii) a water purification plant (five cubic meters per second); and (iv) the Ramal Sur distribution pipeline (approximately 25.6 kilometers). The estimated investment for this project is USD 726.13 million, and ProInversion expects to award it in the third quarter of 2026.
Real Estate
Potential ProjectsNew Investment Opportunities in Asset Projects: ProInversion has presented 35 new investment opportunities under the Projects in Assets model, comprising properties that total more than 500 hectares, strategically located across the regions of Lima, Lambayeque, Moquegua, Cusco, and La Libertad.
The portfolio includes areas suitable for the development of business and commercial centers, cultural and convention infrastructure, hotels, tourist parks, small hydroelectric plants, hybrid wind parks, solid waste plants, markets, sports complexes, bus terminals, real estate developments, among other potential projects.
The estimated investment for this project is USD 279 million.
Health
Bids in processChildren's Health Institute: ProInversion has called for a public bid to grant the management contract for this project through a 17-year PPP, which consists of providing nonmedical services and diagnostic assistance.
The estimated investment for this project is USD 317.27 million, and ProInversion expects to award it in the second quarter of 2026.
Potential Projects
New Central Military Hospital: ProInversion will call for a public bid to grant the concession for this project, which will provide military personnel and their families with a state-of-the-art hospital.
The estimated investment for this project is USD 750.86 million, and ProInversion expects to award it in the last quarter of 2026.
Ports
Bids in processNew Port Terminals in Loreto (Saramiriza and Iquitos): ProInversion has called for a public bid to grant the construction of two port terminals located in the provinces of Maynas and Datem in the Loreto region.
The estimated investment is USD 205.19 million, and ProInversion expects to award it in the first quarter of 2027.
Potential Projects
Megaport of the Américas – Corío: ProInversion, together with the Arequipa Regional Government and the Ministry of Transport and Communications (MTC) through the National Port Authority (APN), has signed an inter institutional cooperation agreement to advance the international tender for this project, which seeks to position Peru as a key logistics hub in the South Pacific.
The estimated investment for this project will be determined following the demand study to be presented by the APN in December 2025, and the master plan is expected in March 2026.