Descripción: “...., ya que dicho proyecto se configura como una inversión, en teoría, susceptible de ser abandonada en alguna de las cinco fases anuales examinadas de manera simultánea (años 2009 a 2014).Abstract: The theory of real options applies the methodology of financial options to the valuation of productive and business investments, and although the development of this method is incipient, it can be classed as a great tool for making management decisions.To assess and select investments, the most universally accepted method is the Discounted Free Cash Flow or Net Present Value (NPV), however all business investment projects involves some degree of uncertainty and some flexibility margin, and precisely the Real Options are used to assess the financial viability of strategic plans for the company such as abandoning or selling the investment project before finalizing it, change its use or its technology or prolong their life, the option of choosing one or the other capacity of an investment in plant; the flexibility of any investment in research and development, the widespread high uncertainty affecting this kind of investment, the multiple growth options in certain moments are presented to a company, and so on.Based on the theory of Real Options this paper evaluates the Isagen's hydroelectric power station project as it is configured as an investment in theory, capable of being abandoned in one of five annual project phases. ...”