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Construction works
Fountain Intertrade Corporation is building a hydropower plant to the west of Panama with Proparco’s support. This project will reduce the country’s dependence on fossil fuels, while strengthening the hydropower industry.
Client presentation
Foutain Intertrade Corp. is a joint venture between Norway’s Agua Imara and Panama’s Credicorp Group Inc. (CCG). Agua Imara is specialized in the design, construction and operation of renewable energy projects, with a focus on hydropower, in Sub-Saharan Africa and Central America. CCG is a holding company with equity investments in the sectors of financial services, trust services, insurance and real estate.
Project description
Proparco’s loan will contribute to financing the construction and operation of a 58 MW run-of-river hydropower plant located on the Chiriqui Viejo River to the west of Panama, near the border with Costa Rica. The project comprises the construction of a 60-hectare reservoir, a 45 m-high dam, a 2 km-long open channel, two power plants, each with a capacity of 28 MW, a 2 MW turbine for the ecological flow and a 3 km-long transmission line.
Project impact
This project will reduce Panama’s dependence on fossil fuels and will contribute to promoting renewable energies in a country with high hydropower potential. It will have a positive impact on the climate by reducing greenhouse gas emissions by 160,000 tons of CO2 a year. It will also contribute to reducing the cost of electricity. A reforestation program will be implemented to compensate for the loss of the flooded area.
27/10/2011
Date of signature of the project
Financing tool
24 932 327 Euros
Amount of funding
Loan of USD 35 M
Financing details
Fountain Intertrade Corporation
Client