Alert
Infrastructure Alert - December 2025
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December 28, 2025
REGULATIONS OF LAW NO. 32441, LAW THAT REGULATES THE PROMOTION OF PRIVATE INVESTMENT THROUGH PUBLIC-PRIVATE PARTNERSHIPS AND PROJECTS IN ASSETS
On December 24, 2025, Supreme Decree No. 316-2025-EF was published, approving the Regulations of Law No. 32441, Law that regulates the promotion of private investment through Public-Private Partnerships (“PPP”) and Projects in Assets (“PA”).
The Regulations provide a modern and clear framework for the development of PPP and PA projects. They also include changes that enable more agile and organized project management, prioritizing strategic initiatives, simplifying contractual processes, and facilitating decision-making to respond promptly to the country's needs.
These are its key aspects:
- Change in the legal framework: On September 16, Law No. 32441 was published in the Official Gazette El Peruano. Its validity was contingent upon the publication of the Regulations, except for a few specific provisions. Currently, all its provisions are in effect, forming the new legal framework for PPPs.
- Proinversión's Role: Proinversión assumes the role of Lead Entity (EPTP) for National Government projects, making it the entity that signs contracts under the Public-Private Partnership (PPP) model. When not acting as Lead Entity, it provides specialized support through contracting legal, economic, financial, and technical services.
- Limitation of MEF Opinions: The MEF now only issues prior opinions on the following matters: (i) financing capacity or budgetary capacity for fulfilling obligations arising from the contract, as applicable; (ii) explicit firm and contingent commitments; (iii) financial and non-financial guarantees; (iv) economic and financial equilibrium, provided the project is not under Proinversión's purview or does not have a CTI or CTP and includes operation and maintenance activities equal to or greater than one hundred thousand (100,000) Tax Units (UIT); and (v) eligibility criteria, only for PPPs managed by Regional and Local Governments.
- Simplification of Addenda: Measures to simplify contract modifications are introduced:
- Joint Evaluation: Maximum duration of six (6) months, except in the case of a term extension, which may be extended up to one (1) year.
- Conditions of Competition: May be modified if a supervening event occurs that affects the provision of the public service.
- Economic and Financial Equilibrium: Based solely on the marginal cash flows of the new investments in the amendment.
- Types of Addenda: Special processes and rules are proposed for certain types of addenda:
- Addenda for the incorporation of investments outside the concession area.
- Addenda for the incorporation of third-party investments.
- Addenda for the incorporation of operational aspects.
- Addenda for renewal or extension of the term.
- Extension of Terms: The parties are now authorized to agree to the extension or renewal of the term of a PPP contract, provided that the EPTP (Public Transportation and Public Works Entity) evaluates and substantiates that at least one of the following conditions is met: (i) the extension generates a greater net benefit for the State than a new promotion process or other alternative in accordance with the law, (ii) the proposal includes additional investments that result in improvements to the material, economic, or technological conditions of the public infrastructure and/or public service with respect to the terms stipulated in the PPP Contract, or (iii) circumstances arise that prevent the initiation, progress, or completion of a new promotion process or other alternative in accordance with the law, which jeopardize the provision and/or continuity of the public service.