The project

Agua Imara and its partner Credicorp group, which is part of the second largest private business group in Panama, entered in 2011 into a strategic alliance for developing hydropower projects in Panama. Through the joint venture company Fountain Intertrade Corporation (FIC), the alliance began to develop the 58 MW Bajo Frio Hydropower Project in late 2011. Agua Imara owns 50,1% of FIC and is the industrial developer of the project.

Construction

Bajo Frio is a run-of-river hydropower scheme and is located in the lower part of the Chiriquí Viejo River in the Chiriquí province in western Panama, close to the border of Costa Rica. The project is one hour drive from David, the second largest city in the country.

Sustainable Development in Panama

The project provides job creation locally through a CSR training program, which offers training of unskilled labour. It also contributes to infrastructure development in the Chiriqui province.

Bajo Frio is currently requesting to be approved and registered to generate carbon credits under the UN’s Clean Development Mechanism (CDM). Through generation of renewable energy, Bajo Frio will replace some of Panama’s thermal power production and the the project will reduce global CO2 emissions by an estimated 150 000 tonnes annually.