Bondholders of Odebrecht SA’s builder unit won’t see any of the money the troubled company is getting from a long-delayed sale in Peru, one person with direct knowledge of the matter said.

Of the $1.4 billion price tag of the Chaglla hydroelectric plant in 2017, Odebrecht will likely get about $640 million. Half of that will go to pay damages to the Peruvian government, Justice Minister Vicente Zeballos said last week. Almost all the rest will go to creditors of the project itself, the person said, asking not to be named because the matter isn’t public.

The Chaglla hydroelectric plant in Peru in 2016.
Photographer: Sebastian Castaneda/AFP via Getty Images

While proceeds from...