Fountain Hydro Power Corp.
The Bajo Frio Hydroelectric Project was developed through Fountain Hydro Power Corp, (formerly known as Fountain Intertrade Corp.) a company incorporated in Panama as a Public Limited Company on April 2, 2007, initiating its development activities in 2009.
The capital stock of Fountain (FHPC) is owned by Agua Imara Pte. Ltd. (50.1%) and Panama Hydroelectric Ventures S.A. (49.9%), companies that are ultimately owned by the SN Power Group of Norway and the Credicorp Group of Panama, respectively.
Bajo Frío Hydroelectric Complex is a 58 MW (mega-watt) run-of-river power plant located in the lower Chiriquí Viejo River in western Panama, near the Costa Rican border in the community of Portón, .
Bajo Frio began energy deliveries under commercial contract on July 1, 2015.
The project consists of a 3 km long reservoir covering an area of 56 hectares starting not far from the upper Baitun basin, followed by a dam 45 meters high and 450 meters wide, a first Machine Room to the foot of the dam and a second Machine Room at the end of a canal of 2km long. The estimated hydrological data are based on a time series from 1970 to 2017. The design flow is 100 m3 / s, the net height is 62.4m with 6 Kaplan turbines of 9.3 MW and a Francis turbine of 2, 1 MW for the Eco Flow, reaching a total installed capacity of 58 MW and an average production of 234 GWh per year.
Bajo Frio evacuates its energy through its own Portón substation and connects to a privately-owned transmission line, for supply to the national network at the Progreso substation. Bajo Frio maintains at all times an Ecological Flow of 5.6 m 3 by seconds or higher.
Generation and transmission are coordinated by the National Dispatch Center in Panama (CND) and Empresa de Transmisión Eléctrica (ETESA).
Imara Water AS (“Agua Imara” o “AI”)
Agua Imara was established in February 2009 as a Norwegian limited liability company and is a long-term industrial investor and hydroelectric power operator in emerging markets through its investment vehicle of absolute ownership Agua Imara ACA Pte Ltd. Agua Imara AS is 100% owned by SN Power AS, and the companies are based in Oslo and operating under joint management.
Agua Imara owns 50.1% of Fountain Hydro Power Corp (FHPC) and of Hidro Burica SA (HBSA) in Panama.
Panama Hydroelectric Ventures Inc. (PHV), incorporated in Panama, owned by Credicorp Group Inc. represents 49.9% of the shareholders of FHPC. PHV was created to carry out the Bajo Frio project. Credicorp Group is a group related to the Panamanian conglomerate Regency Group (“Regency”). Regency is a privately owned company established in 1921.
Credicorp financial group is a leader in regional banking and financial services and its Balance currently exceeds BnUSD 1.7 (year 2018). Credicorp Group includes the following operating entities: Credicorpbank, International Insurance Company, Credicorp Securities, Credicorpbank Bogotá, CCB Trust and Panama Hydroelectric Ventures.
Currently, Regency has more than 5,000 employees, and revenues for 2018 were around USD 84MM. The group is a leader in Latin America and is a retailer wholesaler of international brands. The group is also an important logistics operator in the Colon Free Trade Zone in Panama.