To help Belize secure energy and affordability, the International Finance Corporation (IFC), a member of the World Bank Group, is advising the government on a public-private partnership (PPP) project to develop large-scale solar energy solutions.
This initiative will help Belize reduce electricity costs, increase renewable energy sources, and ensure a stable power supply for homes and businesses.
The Public Utilities Commission (PUC) has emphasized the importance of having a reliable and affordable electricity supply as a key driver of economic and social development. One of the main strategies is the development of a Least Cost Expansion Plan (LCEP), that will balance affordability, reliability, and sustainability. As part of this plan, the government has been working closely with IFC to identify the best ways to incorporate solar energy into the national grid through private-sector investment.
IFC’s expertise in structuring energy projects is expected to help attract investors and ensure that the solar PPP project is both cost-effective and sustainable. The project will support Belize Electricity Limited (BEL) in diversifying its energy mix and increasing the share of renewable energy sources. This move is expected to reduce the country’s reliance on imported fossil fuels, lower foreign exchange costs and improve energy security.
Belize has already made progress in integrating renewable energy, by committing to maximizing solar power’s role in its electricity supply, via a Saudi deal in 2023.
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