Grid and T&D · Field note

In Peru’s Group 1 transmission bundle, the winner bid two projects a dollar under the caps and won all four

Peru ranked its four bundled Group 1 transmission concessions on one sum, and ENGIE Energía Perú won all four while bidding two a dollar under PROINVERSIÓN’s caps. Each contract’s tariff base rests on its own project’s bid, while the guarantees, fixed before the offers, do not shrink with a low one.

ListingMinds · Published 26 October 2026 · Updated 1 November 2026 · Sources verified 19 October 2026

Geography: Peru · Procurement rounds covered: Peru PROINVERSIÓN transmission Group 1, closed

On this page

On 30 June 2026, ENGIE Energía Perú won all four of Peru’s Group 1 transmission concessions with the lowest summed bid, although by our calculation its total service cost was the highest of the four bidders on Felam – Tierras Nuevas – Salitral. On that project and on Muyurina – Mollepata it bid one dollar under both of PROINVERSIÓN’s caps.^{1, 3, 4}

PROINVERSIÓN had tendered the four concessions as one: the tender chose a single company or consortium to sign all four contracts and to design, finance, build, operate and maintain the projects for 30 years from commercial operation. The offers were ranked on the sum of the four projects’ total service costs, and the lowest sum won. And the bundle could not be split after the award: the awardee could neither change its offer nor sign only some of the contracts. A bidder had to be cheapest on the sum, not on every project.^{1, 2, 4}

The contracts, by contrast, are priced one project at a time: the final contract text leaves each contract’s investment cost and annual operation and maintenance cost blank, pointing to that project’s own bid forms, and OSINERGMIN, the regulator, sets the annual tariff base (Base Tarifaria) that pays for all of the project’s costs.^{5, 6, 7, 8} Winning on the sum did not average the four prices: under the final contract text, Felam – Tierras Nuevas – Salitral and Muyurina – Mollepata carry bid amounts a dollar below the caps, and Palián an investment cost of about 34% of its cap.

Four projects ranked on one sum

The four differ widely in scope: Miguel Grau – Pariñas includes a single-circuit 500 kV line of about 115 km, while Muyurina – Mollepata covers one 220 kV line of about 5.006 km in total.^{5, 8} Each project’s total service cost was the annuity at 12% over 30 years of the bid investment cost (CI) plus the bid annual operation and maintenance cost (COyM). An offer was acceptable only if each project’s CI and COyM were equal to or lower than the maximum values communicated by circular.¹ Because only the investment was spread as an annuity over 30 years, a dollar of yearly operation and maintenance cost weighed in the ranking as much as several dollars of investment.

Worked exampleWhat US$ 1 million adds to a bid’s total service cost in the Group 1 rankingIn the Group 1 ranking, US$ 1 million of investment cost added about US$ 124,144 a year to a bid’s total service cost, while US$ 1 million of annual operation and maintenance cost added the full US$ 1 million: a dollar of yearly O&M weighed as much as about US$ 8.06 of investment. The same factor reproduces ENGIE Energía Perú’s US$ 34,333,087.63 in the award minutes. Both amounts were also capped for each project, so the trade-off worked only inside the caps.Show the calculation

Worked exampleWhat US$ 1 million adds to a bid’s total service cost in the Group 1 rankingOne sample change of US$ 1,000,000, placed first in a project’s investment cost (CI) and then in its annual operation and maintenance cost (COyM). Only the place of the change differs; the rate and the period are the Bases’ own. The last two steps apply the same factor to ENGIE Energía Perú’s offer as a check against the minutes.

Published values
Rate for the annuity of the CI	12 %¹
Period for the annuity of the CI	30 years¹
ENGIE Energía Perú’s four CIs, added up	USD 230,843,099^{1, 3, 4}
ENGIE Energía Perú’s four annual COyMs, added up	USD 5,675,381^{1, 3, 4}

Assumptions
Sample change	USD 1,000,000

Calculation
Step	Calculation	Result
Annuity factor	0.12 ÷ (1 − 1.12^−30)	0.12414365755×
US$ 1,000,000 in the CI: added to the total service cost per year	1,000,000 × 0.12414365755	USD 124,144
US$ 1,000,000 in the annual COyM: added to the total service cost per year	1,000,000 × 1	USD 1,000,000
CI that weighs as much as US$ 1 of annual COyM	1 ÷ 0.12414365755	USD 8.06
Check: annuity of ENGIE Energía Perú’s four CIs	230,843,099 × 0.12414365755	USD 28,657,706.63
Check: plus its four annual COyMs	28,657,706.63 + 5,675,381	USD 34,333,087.63

Result. In the Group 1 ranking, US$ 1 million of investment cost added about US$ 124,144 a year to a bid’s total service cost, while US$ 1 million of annual operation and maintenance cost added the full US$ 1 million: a dollar of yearly O&M weighed as much as about US$ 8.06 of investment. The same factor reproduces ENGIE Energía Perú’s US$ 34,333,087.63 in the award minutes. Both amounts were also capped for each project, so the trade-off worked only inside the caps.

Method. Annuity factor = r ÷ (1 − (1 + r)^−n), with r = 12% and n = 30 years, as the Group 1 Bases define the total service cost (the annuity of the CI plus the annual COyM). Ranking arithmetic only: it says nothing about what the concessionaire is paid, which the contract’s tariff base sets.

Applied project by project, the formula reproduces each bidder’s total in the minutes.^{1, 4}

Group 1: each bid’s total service cost, project by project (ListingMinds’ calculation, US$)
Project	ENGIE Energía Perú	Concesiones Peru Holdings Transmision I	Celeo Redes	Alupar Perú	Lowest on the project
Miguel Grau – Pariñas	12,254,010.33	17,225,889.78	16,572,295.19	15,934,122.24	ENGIE Energía Perú
Felam – Tierras Nuevas – Salitral	14,020,622.20	8,929,033.96	12,587,142.59	12,969,218.35	Concesiones Peru Holdings Transmision I
Palián	6,365,816.62	11,898,259.41	15,828,872.31	17,281,950.65	ENGIE Energía Perú
Muyurina – Mollepata	1,692,638.48	1,692,639.60	1,536,301.24	1,565,708.75	Celeo Redes
All four, as summed in the award minutes	34,333,087.63	39,745,822.75	46,524,611.33	47,750,999.99	ENGIE Energía Perú (award)

Source: ListingMinds’ calculation with the Bases’ formula from each offer in the award minutes; the sums as the minutes print them.^{1, 4}

ENGIE Energía Perú’s summed total in the minutes, US$ 34,333,087.63, came in, by our calculation, US$ 5,412,735.12 below the US$ 39,745,822.75 of the runner-up, Concesiones Peru Holdings Transmision I, although the runner-up had the lowest total service cost on Felam – Tierras Nuevas – Salitral. The lead was built on Miguel Grau – Pariñas and Palián, where ENGIE Energía Perú’s advantage over the runner-up more than made up for the runner-up’s advantage on Felam – Tierras Nuevas – Salitral, the project on which ENGIE Energía Perú’s total service cost was the highest of the four bidders.^{1, 4}

A cap was also a price

On Felam – Tierras Nuevas – Salitral, ENGIE Energía Perú bid US$ 89,729,499 of investment and US$ 2,881,274 of annual operation and maintenance, against caps of US$ 89,729,500 and US$ 2,881,275; on Muyurina – Mollepata, US$ 9,846,113 and US$ 470,306, against US$ 9,846,114 and US$ 470,307. Others bid the ceiling itself: the runner-up bid both caps exactly on two projects, and Celeo Redes bid one investment-cost cap exactly.^{3, 4} The caps were written as ceilings; in this round three of the four bidders also bid at least one amount at a cap, or a dollar under it.

By our calculation, ENGIE Energía Perú’s four Group 1 investment costs add up to US$ 230,843,099, about 68% of the four maximum investment costs, which add up to US$ 339,359,007. Both are tender figures, the cost offered and the maximum permitted, not verified construction savings or final project costs. Project by project, its investment cost ran from about 34% of the cap on Palián to the cap less one dollar on two projects.^{1, 3, 4}

Group 1: the maximum values and ENGIE Energía Perú’s offer, by project (US$, without IGV, at the offer date)
Project	Maximum CI	ENGIE CI	Maximum annual COyM	ENGIE annual COyM	ENGIE against the caps
Miguel Grau – Pariñas	115,827,607	89,298,878	2,846,627	1,168,121	Below both caps: CI about 77% of its cap
Felam – Tierras Nuevas – Salitral	89,729,500	89,729,499	2,881,275	2,881,274	One dollar under both caps
Palián	123,955,786	41,968,609	3,294,661	1,155,680	Below both caps: CI about 34% of its cap
Muyurina – Mollepata	9,846,114	9,846,113	470,307	470,306	One dollar under both caps

Source: Circular 14 (caps) and the award minutes (offer).^{1, 3, 4}

The US$ 339 million lines up with the caps, not the offer

PROINVERSIÓN’s award notice said ENGIE Energía Perú “will carry out an investment of US$ 339 million”; the project sheet gives US$ 339.36 million, counting only CAPEX; and the signing notice of 2 October 2026 calls Group 1 “an investment above US$ 339 million, according to the awardee’s offer”.^{9, 10, 11} The Ministry of Energy and Mines (MINEM) repeated in its notice of 6 October 2026 that the four projects “represent an investment of US$ 339 million”.¹² The figure lines up with the total of the caps, US$ 339,359,007, not with the US$ 230,843,099 of investment costs in the winning offer. For a contractor or supplier pricing into these projects, the amounts the contracts point to are the offer’s, project by project, not the US$ 339 million.

The clock that started on 2 October 2026

PROINVERSIÓN, for the State, and ENGIE Transmisión Perú S.A., set up by the awardee ENGIE Energía Perú, signed the four concession contracts, for projects in Piura, Lambayeque, Junín and Ayacucho, on 2 October 2026.^{9, 10} The final contract text defines the Closing Date (Fecha de Cierre) as the day the contract is signed, and MINEM described the act as the closing and signing of the contracts (acto de cierre y suscripción). Every milestone in the final contract text is therefore counted in months from 2 October 2026, the signing day.^{5, 6, 7, 8, 12}

Each contract requires a construction performance guarantee from the Closing Date to one month after commercial operation, then an operation guarantee to six months after the contract ends. Late commercial operation is penalised per calendar day in three rising steps over 150 days; by our calculation, in each contract the 150 days of penalties add up exactly to the construction guarantee. Separately, a delay of more than 150 calendar days on any of the contract milestones, after any suspensions, is a serious breach allowing the grantor to terminate, with a single penalty equal to the construction guarantee. Termination for the concessionaire’s fault brings it no compensation beyond the liquidation amount (Monto de Liquidación), and the grantor may still claim damages on top of the penalties. The qualified operator must hold 25% of the concessionaire’s subscribed and paid-in capital from the Closing Date until 10 years of commercial operation, with no replacement in the first three years.^{1, 5, 6, 7, 8}

Group 1 contracts: milestones, guarantees and late-operation penalties, by project
Project	Financial close, Cierre Financiero (months from the Closing Date)	Main equipment on site (months)	Commercial operation (months)	Construction guarantee (US$)	Operation guarantee (US$)	Penalty per day late: days 1–30 / 31–60 / 61–150 (US$)	Region
Miguel Grau – Pariñas	38	51	61	9,900,000	2,500,000	27,500 / 55,000 / 82,500	Piura
Felam – Tierras Nuevas – Salitral	38	50	60	8,100,000	2,500,000	22,500 / 45,000 / 67,500	Lambayeque
Palián	38	50	60	9,000,000	2,500,000	25,000 / 50,000 / 75,000	Junín
Muyurina – Mollepata	20	31	40	1,200,000	700,000	3,370 / 6,660 / 9,990	Ayacucho

Source: Annexes 4, 7 and 11 of each final contract; the region from PROINVERSIÓN’s signing notice.^{5, 6, 7, 8, 9, 10}

The construction guarantees were set in the final contracts of 25 May 2026, before the offers, and by our calculation they weigh very differently against what ENGIE Energía Perú bid: the construction guarantee is about 21% of its investment cost for Palián (US$ 9,000,000 against US$ 41,968,609), against about 11% for Miguel Grau – Pariñas, about 9% for Felam – Tierras Nuevas – Salitral and about 12% for Muyurina – Mollepata. A low bid did not lower these amounts, so Palián carries the heaviest penalty exposure relative to its bid.^{4, 5, 6, 7, 8}

The equipment-on-site milestone is a contract deadline, not a lead time: missing it by more than 150 days is a serious breach on which the grantor may terminate, with a single penalty equal to the whole construction guarantee. Our field note on transformer lead times covers how long large transformers take to deliver.

As of 19 October 2026, no signed contract is on PROINVERSIÓN’s process page, so the contract terms in this note are those of the final versions of 25 May 2026. Until the signed contracts appear there, the amounts written into their tariff clauses can be read only from the offer in the award minutes.¹³

Sources (13)

1
PROINVERSIÓN: Bases Consolidadas del Concurso de Proyectos Integrales, Grupo 1 del Plan de Transmisión 2025-2034 (consolidated up to Circular Nro. 07) · Tier 1 · official · Verified 19 October 2026
Where in the document
Pages are the printed “Pág. N de 57”, which match the PDF pages. Version cited: the consolidation up to Circular 07 of 4 February 2026, which incorporates Circulars 01 to 07 (the original Bases of 14 October 2025 are a scan without text and are superseded). Numeral 1, Objeto (p. 5); numeral 12.1.4 d) (p. 16); Form 2 (p. 22); Annex 2, numeral 19 (p. 46) and numerals 39 and 40 (p. 49); Annex 3, numerals 1, 2.1 and 2.2 (p. 50); Annex 4, numerals 1.1, 1.2, 2.1, 2.2 and 2.3 (p. 52); Annex 5, numeral 5 (pp. 53–54). Later circulars checked, each with what it changes: Circular 09 adds two footnotes to Annex 5 (the extension of the 45-day period for a merger under prior control), not cited; Circulars 11 and 12 move the publication of the final contracts and the consortium deadline, no cited rule changed; Circular 14 communicates the maximum values under Annex 4, numeral 2.1 (cited separately) and raises the Form 5 challenge guarantee, not cited; Circulars 15 and 16 set the FONCEPRI and process-cost amounts that Annex 5, numeral 5 leaves to circular (cited separately); Circular 17 sets the offers and the award for 30 June 2026 (Annex 1, activity 4.1); Circular 18 gives the venue, the Forms 4 and optional review meetings, no rule changed; Circular 19 informs bidders about land on the Felam – Tierras Nuevas route, no rule changed. Circular 16 refers to Bases consolidated up to Circular 12, a consolidation not listed on the process page; the circulars after Circular 07 were read one by one instead. Tender documents named, each recorded under Tender documents with what it changes: Circular Nro. 09, Circular Nro. 11, Circular Nro. 12, Circular Nro. 14, Circular Nro. 15, Circular Nro. 16, Circular Nro. 17, Circular Nro. 18, Circular Nro. 19.
2
PROINVERSIÓN: Circular Nro. 06, answers to questions on the Bases (Absolución de consultas), Grupo 1 · Tier 1 · official · Verified 19 October 2026
Where in the document
Pages are the printed “Página N de 28”. Question 2 and its answer (p. 1): the awardee may neither change its offer nor sign only some of the contracts. Answer to question 30 (p. 16): one single guarantee backing the whole offer.
3
PROINVERSIÓN: Circular Nro. 14, maximum values (Valores Máximos) and challenge guarantee, Grupo 1 · Tier 1 · official · Verified 19 October 2026
Where in the document
Dated 29 May 2026. Numeral 1 (p. 1): the maximum investment cost (CI) and annual operation and maintenance cost (COyM) for each of the four projects, “a la fecha de la presentación de la Oferta”, in “US Dólares”. Numeral 2 and its annex (pp. 2–3), the new Form 5 challenge guarantee, not used.
4
PROINVERSIÓN: Acta de Presentación de Sobres Nro. 1 y Nro. 2 y Buena Pro (award minutes), Grupo 1 · Tier 1 · official · Verified 19 October 2026
Where in the document
A scan with a poor text layer: the four pages were read from the page images. P. 1: heading (Grupo 1 del Plan de Transmisión 2025-2034), the act of 30 June 2026 and the table of bidders submitting Envelope 1. Pp. 2–3: the offer forms read out, CI and annual COyM per bidder for each of the four projects. P. 3: “Sumatoria del Costo de Servicio Total de los Proyectos”. P. 4: the award to ENGIE Energía Perú S.A.A. and the closing line, “sin observación alguna”. Names of officials and the notary are not used.
5
PROINVERSIÓN: Versión Final del Contrato de Concesión SGT, Enlace 500 kV Miguel Grau – Pariñas y SE Pariñas 500/220 kV (published with Circular Nro. 13) · Tier 1 · official · Verified 19 October 2026
Where in the document
Pages are the printed “Página N de 111”. Clause 2.7 (p. 5); clause 12.1 a), b) and d) (p. 26); clauses 13.5 and 13.5.1 b) (p. 27); Annex 1, numerals 2.1.1 and 2.1.2 (p. 46); Annex 4, the guarantee amounts (p. 89); Annex 7, the milestones (p. 93); Annex 11, item 1 and its last paragraph (p. 107). Versions checked: the draft final version of 7 April 2026 (Circular 10) was compared paragraph by paragraph with this final version: no change to guarantees, penalties, milestones or the tariff clause (other changes recorded under Tender documents). This final version includes the non-substantial changes approved on 5 May 2026 and 25 May 2026, as Supreme Decree 204-2026-EF recites. The contracts signed on 2 October 2026 are not published; this is the latest published text. Tender document named, recorded under Tender documents: Draft final contract version, Miguel Grau – Pariñas (Circular Nro. 10). Clause 8.1 a), b), c), e), f) and g) (p. 17), clause 8.2 (pp. 17–18), clauses 8.4 and 8.8 (p. 18): the tariff clause; Annex 3, numeral 26 (p. 85): Fecha de Cierre.
6
PROINVERSIÓN: Versión Final del Contrato de Concesión, Enlaces 220 kV Felam – Tierras Nuevas – Salitral (Proyecto ITC) (published with Circular Nro. 13) · Tier 1 · official · Verified 19 October 2026
Where in the document
Pages are the printed “Página N de 118”. Clause 2.7 (p. 5); clause 12.1 (p. 26); clauses 13.5 and 13.5.1 b) (p. 27); Annex 4 (p. 94); Annex 7 (p. 98); Annex 11, item 1 (p. 114). Version: the final version of 25 May 2026; the signed contract is not published. Clause 8.1 (p. 17), clauses 8.4 (p. 17) and 8.8 (p. 18): the tariff clause (Formularios 4, 4-B y 4-BB); Annex 3, numeral 26 (p. 90): Fecha de Cierre.
7
PROINVERSIÓN: Versión Final del Contrato de Concesión, Nueva SE Palián 220/60 kV (Proyecto ITC) (published with Circular Nro. 13) · Tier 1 · official · Verified 19 October 2026
Where in the document
Pages are the printed “Página N de 116”. Clause 2.7 (p. 5); clause 12.1 (p. 26); clauses 13.5 and 13.5.1 b) (p. 27); Annex 4 (p. 92); Annex 7 (p. 96); Annex 11, item 1 (p. 112). Version: the final version of 25 May 2026; the signed contract is not published. Clause 8.1 (p. 17), clauses 8.4 (p. 17) and 8.8 (p. 18): the tariff clause (Formularios 4, 4-C y 4-CC); Annex 3, numeral 26 (p. 89): Fecha de Cierre.
8
PROINVERSIÓN: Versión Final del Contrato de Concesión, Enlace 220 kV Muyurina – Mollepata (Proyecto ITC) (published with Circular Nro. 13) · Tier 1 · official · Verified 19 October 2026
Where in the document
Pages are the printed “Página N de 98”. Clause 2.7 (p. 5); clause 12.1 (p. 26); clauses 13.5 and 13.5.1 b) (p. 28); Annex 1, numeral 2.1.1 (p. 47); Annex 4 (p. 77); Annex 7 (p. 81); Annex 11, item 1 (p. 94). Version: the final version of 25 May 2026; the signed contract is not published. Clause 8.1 (p. 17), clauses 8.4 (p. 17) and 8.8 (p. 18): the tariff clause (Formularios 4, 4-D y 4-DD); Annex 3, numeral 26 (p. 73): Fecha de Cierre.
9
PROINVERSIÓN: press release, se inicia ejecución de cuatro proyectos eléctricos (contract signing) · Tier 1 · official · Verified 19 October 2026
Where in the document
Dated 2 October 2026. Paragraph 1: PROINVERSIÓN, for the State, and ENGIE Transmisión Perú S.A. signed the four concession contracts. Third paragraph: “una inversión superior a US$ 339 millones, conforme a la oferta del adjudicatario”. Section “Cuatro proyectos para fortalecer las regiones”: one project in each of Piura, Lambayeque, Junín and Ayacucho. The paragraph on the public-private partnerships: ENGIE Transmisión Perú S.A. set up by the awardee ENGIE Energía Perú S.A.A. Names of officials are not used.
10
PROINVERSIÓN: project sheet (Ficha del proyecto), Grupo 1 del Plan de Transmisión 2025-2034 · Tier 1 · official · Verified 19 October 2026
Where in the document
A sheet generated on each request: its file changes by nature, so its facts are checked by hand each month; last revised 16 October 2026 (compared with the revision of 6 October 2026: only the contact named on the sheet changed). General data section (the sheet’s first table): “Monto de proyecto: US$ 339.36 millones”, CAPEX the same, and footnote (*), the amount “considera únicamente el valor del CAPEX”; Fase: Ejecución Contractual. Schedule section (the sheet’s timetable table): Buena Pro 30/06/2026, Firma de Contrato 02/10/2026. The contact named on the sheet is not used.
11
PROINVERSIÓN: press release, PROINVERSIÓN adjudica cuatro proyectos eléctricos (award notice) · Tier 1 · official · Verified 19 October 2026
Where in the document
Dated 30 June 2026. Subtitle: “Engie Energía Perú ejecutará una inversión de US$ 339 millones”; paragraph 1 writes the same amount as “USD 339 millones”.
12
Ministerio de Energía y Minas (MINEM), Peru: press release, Gobierno suscribe contratos con Engie Transmisión Perú (Group 1 contract signing) · Tier 1 · official · Verified 19 October 2026
Where in the document
Spanish original. Posted 6 October 2026 (10:07 a. m.); the closing dateline reads Lima, 5 de octubre de 2026. Paragraph 1: MINEM took part in “el acto de cierre y suscripción de los contratos de concesión con Engie Transmisión Perú S.A.” for the four Group 1 projects, “los cuales representan una inversión de US$ 339 millones”. Paragraph 2: the signing “formaliza el cierre del proceso de promoción y adjudicación”. Names of officials are not used.
13
PROINVERSIÓN (investinperu.pe): process page, Grupo 1 del Plan de Transmisión 2025-2034 (Proceso Concluido Detalle) · Tier 1 · official · Verified 19 October 2026
Where in the document
Spanish original; a page that changes as documents are added, read on 19 October 2026 (header “Última actualización: 19/10/2026”). The Contrato tab: the initial, second, third, draft final and final (cp 25-05-26) versions of the four contracts, PDF and Word, and no executed contract. The Circulares tab: Circulars 01 to 19, the last dated 19-06-26. The Actas tab: the award minutes of 30-06-26 only. The page’s own fields (Fase: Transacción; Situación Actual del Proyecto: En estudios; investment by department for Piura only) are not brought in line with the project sheet (S-136) and are not used. Names of officials are not used.

ListingMinds uses primary procurement, regulatory and contracting sources wherever available. How we work

How to cite

ListingMinds, “In Peru’s Group 1 transmission bundle, the winner bid two projects a dollar under the caps and won all four”, 26 October 2026, updated 1 November 2026. https://www.listingminds.com/energy/field-notes/peru-transmission-group-1-proinversion