GOB to Acquire Fortis’s Hydropower Plants and BEL Shares

The government says it has reached a landmark agreement with Fortis Inc. of Canada to acquire all of the company’s electricity sector assets in Belize, including its three major hydropower plants and its one-third ownership stake in Belize Electricity Limited (BEL).

Prime Minister John Briceño is expected to formally announce the agreement in the House of Representatives on Friday, where he will table a Bill seeking parliamentary approval for the purchase. The proposed legislation would authorise the acquisition of Fortis’s 33.3% shareholding in BEL, as well as its hydropower facilities on the Macal River — the 25-megawatt Mollejon Plant, the 7 MW Chalillo Plant and Reservoir, and the 19 MW Vaca Plant. Together, the three facilities produce more than one-third of Belize’s total annual electricity supply.

Commissioned between 1996 and 2010, the hydropower plants have long served as the backbone of Belize’s renewable energy generation. The Government expects to complete the acquisitions by November 15, 2025, with funding provided through a special budgetary appropriation. Once finalised, the government intends to issue a domestic equity and debt offering to recover the initial investment.

According to the Office of the Prime Minister, financial details of the transactions will be presented when the Bill is tabled. The existing power purchase agreements between the hydropower plants and BEL extend to 2050 for Mollejon and Chalillo, and to 2060 for Vaca.

“Fortis congratulates the Government of Belize on the agreement to purchase Fortis Belize’s hydroelectric assets,” said David Hutchens, President and CEO of Fortis Inc. “We have been operating in the country since 1999 and are proud of the performance of our investments and our partnership with the Government. We wish them and the employees every success in their continued commitment to providing reliable energy to the Belizean people.”

Advisors to the government included NERA Consulting UK, Hallmark Advisory, Marsh LLP, and Sukhnandan Consulting LLC.

The new entity, Hydro Belize Limited, will be headquartered in San Ignacio, Cayo District, under the leadership of CEO Kay Menzies. The company’s 48-member team will be entirely Belizean, with an Interim Board chaired by Ambassador Lynn Young, a veteran of both BEL and Fortis Belize.