Burica is located directly downstream of the Bajo Frio project in the Chiriquí Viejo Basin close to the Costa Rican border. Burica is the eighth hydropower project in this river and will be the third powerhouse in the Bajo Frio cascade.

Burica is the second project of the Agua Imara and Credicorp partnership, in addition to the Bajo Frio project. Agua Imara owns 50.1% of Hidro Burica S.A., and is the industrial developer of the project.

Construction of the 63 MW run-of-river Burica plant started late February 2012. The first part of the work includes upgrading of existing roads, building new permanent roads and constructing buildings. Main construction works are expected to start in the second half of 2015.