Agua Imara, formerly SN Power AfriCA, has announced the first hydropower projects it will develop under its new name.
Agua Imara's first project is the Bajo Frio hydro project in Panama, as part of a strategic alliance formed in 2009 with the Panamanian Credicorp Group. Through the joint venture company Fountain Intertrade Corp, the alliance will develop the Bajo Frio hydroelectric project, a 58-MW run-of-river scheme located in the lower part of the Chiriqui Viejo River, in the Chiriqui province in western Panama. Agua Imara owns 50.1 percent of Bajo Frio and will be the industrial developer of the project.
In addition, Agua Imara has signed an acquisition agreement for a 51 percent shareholding in Zambia's Lunsemfwa Hydro Power Company Ltd. The remaining 49 percent of the shareholding will be held by the initial shareholders.
LHPC currently owns two hydropower plants, Mulungushi hydro station and Lunsemfwa hydro station, with a combined generation capacity of 46.5 MW, which will be increased in 2011 to 52.5 MW.
LHPC currently owns 50 percent of Muchinga Power Company. MPC has the right to develop the projects downstream of the current Lunsemfwa and Mulungushi hydropower plants. These project opportunities have a potential of at least 120 MW. LHPC has the right to increase its ownership in this company to 60 percent, once the projects are fully financed. LHPC's partner in MPC is Infraco, a donor-funded infrastructure company.
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