The Caribbean Development Bank (CDB), with the Canadian Government, marked a key historical achievement in Belize. This coincided with the launch of an innovative financial package that totalled USD 27.53 million. This Canadian package consisted of both parts of a loan and a grant aimed at upgrading the nation’s electricity grid. A CDB press release indicated that the initiative, called the Power VIII Project, is a comprehensive program focused on advanced metering infrastructure (AMI) and grid modernisation. It is to be executed nationwide by Belize Electricity Limited (BEL).
CDB stated that the present agreement marks the largest funding arrangement ever provided by CDB to BEL and the 1st time the bank has extended support on a non-sovereign, unsecured basis. The funding package includes a USD 24.2 million loan sourced from the CDB’s ordinary capital resources. This sum is in addition to a USD 3 million grant from its Special Fund Resources, supported by Canada’s Supporting Resilient and Green Energy (SuRGE) initiative.
The CDB Portfolio Manager, Alexander Augustine, said that the Bank is proud to support Belize’s transition to a smarter, more climate-resilient grid. The Power VIII Project directly aligns with the priorities for digital infrastructure and energy security, as well as climate resilience. BEL has cultivated the corporate image of always being a fundamentally solid organisation with a robust capital base. While emphasising the significance of the project, Augustine went on to share that, over the years, it has demonstrated the institutional maturity and financial capacity required for non-sovereign-guaranteed financing.
As in the release to the media, this project aims to enhance real-time data monitoring. Also, outage management, voltage regulation, and billing precision, besides the integration of solar energy sources. All these objectives are being achieved while simultaneously reducing power losses and minimising the environmental impact. It also involves conducting feasibility assessments. The funding is mainly for critical transmission upgrades in bolstering grid resilience. This is besides supporting future expansion.
As in the media briefing, the project aims to enhance real-time data monitoring, outage management, voltage regulation, and billing precision, besides the integration of solar energy sources. This will occur while decreasing power losses and minimising environmental impact. It involves conducting feasibility assessments for critical transmission upgrades. This endeavour aims to bolster grid resilience and support future expansion.
Canada’s Chargé d’Affaires to Belize, Ricardo Martin González, expressed his country’s support by stating that Canada was pleased to support Belize’s efforts in modernising its electricity grid. This support was made possible through an important partnership with the Caribbean Development Bank. This effort is besides the partnership with Belize Electricity Limited. By contributing through the SuRGE initiative, Canada is helping advance cleaner, more reliable, and climate-resilient energy infrastructure that will benefit communities across Belize. He went on to add that this milestone reflects our shared commitment to sustainable development, innovation, and a more inclusive energy future for Belize.”
Welcoming the milestone, BEL’s CEO, John Mencias, commented that this significant achievement reflects both CDB’s confidence in BEL and the strength of the partnership we have as an asset, built over many years of collaboration, going back to the early 1970s. This represents a landmark milestone for both institutions, signalling CDB’s trust in BEL’s financial stability, governance, management, and strategic direction; additionally, it serves as a strong endorsement of Belize’s broader energy development trajectory.
The Power VIII Project, now underway, is scheduled for a 3-year rollout. It would involve the deployment of 115,000 smart meters across the country. It would be supported by advanced communication systems and data analysis tools, stated the CDB. Besides CDB’s funding, the project will reportedly benefit from a USD 330,000 grant from SuRGE. Also, USD 7.05 million in matching funds from BEL.
