The run-of-river Bajo Frio project is being developed by Fountain Intertrade Corp, Panamá; a joint venture between Norwegian Agua Imara through its subsidiary SN Power ACA Holding and Panamanian Credicorp Group Inc through its subsidiary Panamá Hydroelectric Ventures, Inc. (PHV).

The US$155M 15-year loan arranged by FMO and DnB Nor was secured as debt financing from participants including both FMO (US$47.5M) and DnB NOR (USD 47.5M), as well as French development finance institution PROPARCO (US$35M) and DEG – Deutsche Investitions- und Entwicklungsgesellschaft mbH (US$25M). The total cost for development has been estimated at US$224M.

The project, which is located in the lower part of Rio Chiriquí Viejo, comprises a 60ha reservoir, a dam measuring 45 by 300m, a two-kilometer open-head canal, two power stations of 28MW each, a 2MW turbine for the eco-flow, and a 3km transmission line.

A reforestation program will be carried out to compensate for habitat loss in the submerged area. The project is requesting to be registered under the UN CDM.