When President José Jerí appeared before the Oversight Commission, he rejected that, during his administration, businessman Zhihua Yang benefited from any contract with the State; However, official documents submitted to the Ministry of Energy and Mines contradict the interim president’s version.
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An investigation by the Punto Final program revealed that, on December 23, 2025, the company Hidroeléctrica América de Zhihua Yang submitted a request to the Ministry of Energy and Mines to modify the start date of operations, given that it was supposed to start on May 1, 2026, but now wants to postpone until June 15, 2029.
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This procedure was entered just three days before José Jerí met with businessman Zhihua Yang at the chifa located in the San Borja district.
If this request is approved, the company would avoid losing the concession and a letter of guarantee equivalent to 1% of the investment, about 244 thousand dollars. In this way, the decision is today in the hands of the Executive Branch, headed by José Jerí himself.
Days ago, the investigation unit of La República revealed that, on February 26, 2023, during the government of President Dina Boluarte, the Ministry of Energy and Mines awarded the company Hidroeléctrica América the Pachachaca 2 concession, committing to an investment of US$24.4 million to put the power generator into operation.
According to the contract, the works were to begin on May 1, 2023 and finish on May 1, 2026. But difficulties were reported from the beginning. Virtually no progress has been made, according to the latest report from the Energy and Mining Investment Supervisory Body (Osinergmin).
As reported by Osinergmin to the Ministry of Energy and Mines in October 2025, the Pachachaca 2 hydroelectric project remains paralyzed and would not comply with the start-up of commercial operation. This situation puts at risk the guarantee of faithful performance of US$244,200 presented by businessman Yang, because it is impossible for the execution deadline to be met without an extension.
The loss of this guarantee would affect both your investment and your reputation in the eyes of your community and ICBC Perú Bank, which supports the letter of guarantee.
During the pandemic, Yang called on investors from his community to finance the hydroelectric plant with the expectation of recovering economically, but after three years of concession no benefits have been obtained. Sources from LR’s research unit indicate that Yang would seek political support to reactivate the project and avoid losses. Hidroelectrica América, concessionaire of the project, has Yang, Quande Yang and Hongpin Li as shareholders. The Republic attempted to obtain statements from Yang, but he was not available to the press.
