[RenewableEnergyAccess.com] Renewable energy projects can help power companies meet their Kyoto Protocol targets. Spanish based utility Endesa plans to take advantage of that, and has registered a hydropower project in Peru with the Spanish Office for Climate Change. Endesa is the first Spanish company to submit a Clean Development Mechanism (CDM) project for approval. Approval of the Callahuanca project could allow ENDESA to obtain emission reduction certificates worth around 30,000 tons of CO2 per year. The hydropower plans for the 75 MW Callahuanca plant would re-power three of the thermal generators at the plant, and add a 7.5 MW mini-hydro plant on to the operations. Estimates for the cost of the revamp are at US $13.8 million. CDM projects encourage sustainable development in poor countries and completed projects that are registered allow the owner to obtain emission reduction certificates toward Kyoto Protocol targets. The only legal framework for the use of CDM projects is the European Directive, which regulates the use of CO2 emission reduction certificates in the trading of greenhouse gas emissions in Europe.