Hydro Belize Share Sale Oversubscribed by 500,000 Shares

The Government of Belize’s public share offering in Hydro Belize Limited was oversubscribed, with applications exceeding the number of shares made available.

A preliminary report shows that approximately 4.5 million shares were applied for, surpassing the four million shares on sale. At a price of BZ$29 per share, the total value of applications exceeded $130 million.

The four million shares represented 50 percent of the company’s issued shares. Government said it will satisfy all applications by sourcing the excess shares from the remaining 50 percent stake it retained in the company.

Initial figures indicate that close to 2,000 individual investors applied for shares, along with more than 60 companies. Institutional participants included the Belize Social Security Board, several credit unions, and private sector pension funds.

Although the application period has closed, successful applicants have until February 4, 2026, to complete payment. Share transfers and certificates will be issued after the payment period ends.

Government also announced that Hydro Belize Limited will soon issue bonds to buy and cancel the remaining shares held by the State. This move is intended to allow Government to recover the full purchase price of the company while providing a debt-based investment opportunity. The divestment process is expected to be completed by February 28, 2026, after which Hydro Belize Limited will operate as a fully private sector company with about 2,000 public shareholders.

Hydro Belize Limited, formerly Fortis Belize Limited, owns and operates three hydroelectric plants on the Macal River in the Cayo District. The facilities have a combined rated capacity of 51.2 megawatts and currently supply between 30 and 35 percent of Belize’s electricity demand.