Pictured above: Chowon-ri, Jongphyong County (초원리, 정평군) on Google Earth (coordinates: 39.662431°, 127.315594°). The satellite imagery is too old to show the new dam and power station.
A valued reader notified me this morning that the DPRK’s first CDM project was registered in July: The Hamhung Hydro Power Plant No.1.
You can read more about the project on the UN web page here. As I understand it, the CER (the emissions rights) from the plant do not go directly to North Korea but to a Czech company who co-registered the project. It will become operational on January 1, 2013.
Here is KCTV footage showing the construction of the plant that aired on 2012-4-3: