By Aaron Humes: Belize Electricity Limited (BEL) has partnered with the Caribbean Development Bank (CDB) to secure a financing package worth US$27.53 million, including a US$27.2 million loan and US$330,000 grant to facilitate BEL’s ambitious Power VIII Project, aimed at deploying an Advanced Metering Infrastructure (AMI) throughout Belize, modernizing the national electricity grid.
The Power VIII Project intends to install approximately 115,000 smart meters across the country. These advanced meters will be supported by state-of-the-art communication and analytics systems, enabling near real-time monitoring of energy usage, remote operational control, and improved customer engagement. Additionally, the project will conduct feasibility studies for two major transmission system upgrades, ultimately enhancing the resilience of Belize’s electricity grid and paving the way for future renewable energy expansion.
The financing package includes US$24.2 million from CDB’s Ordinary Capital Resources and USD 3.0 million from its Special Funds Resources, which is part of the Government of Canada’s Supporting Resilient and Green Energy (SuRGE) Initiative. The grant component aims to strengthen institutional capacity within BEL, with a counterpart funding of US$7.05 million provided by the company itself. This financing marks the largest loan CDB has extended to BEL to date and is the first to be conducted without a government guarantee.
The project is set to unfold over three years, with a phased rollout already in progress. Year one focuses on major urban centers, including Belize City, the Placencia Peninsula, and Ambergris Caye. The second year will extend to rural areas in the Belize District, the Cayo District, Dangriga, and Independence, while the final year will cover Orange Walk, Corozal, Caye Caulker, and Punta Gorda. As BEL progresses with its plans, a major supply contract has already been signed with Landis+Gyr, and initial installations of smart meters and communication modules have commenced.
The Advanced Metering Infrastructure is anticipated to yield a host of benefits for Belize’s National Grid, such as swift detection and response to service issues, improved customer service capabilities, reduced technical and commercial losses, better monitoring of voltage and power quality, and enhanced readiness for integrating distributed energy sources. Additionally, the initiative aims to diminish the environmental impact of operations by reducing the need for on-site visits.
BEL Chief Executive Officer, John Mencias, commented on the importance of the continuing partnership between CDB and BEL: “It represents a landmark milestone for both our institutions that signals CDB’s trust in BEL’s financial stability, governance and management, and strategic direction, and, by extension, is a strong endorsement of Belize’s broader energy development trajectory.”
CDB Portfolio Manager, Alexander Augustine, who spearheaded the financing appraisal and approval process, reiterated CDB’s confidence in the partnership: “The Power VIII Project directly aligns with our priorities for digital infrastructure, energy security, and climate resilience. BEL has always been a fundamentally solid company with a robust capital base, and has, over the years, demonstrated the institutional maturity and financial capacity required for non-sovereign-guaranteed financing.”