In a historic move, the Government of Belize (GOB) has finalized a groundbreaking agreement with Canadian energy giant Fortis Inc. to acquire its entire electricity sector assets in Belize. This includes Fortis’s three major hydropower plants and its 33.3% ownership stake in Belize Electricity Limited (BEL). Prime Minister John Briceño is set to announce the deal in the House of Representatives on Friday, where he will introduce a Bill seeking parliamentary approval for the acquisition. The proposed legislation will authorize the purchase of Fortis’s hydropower facilities on the Macal River, which consist of the 25-megawatt Mollejon Plant, the 7 MW Chalillo Plant and Reservoir, and the 19 MW Vaca Plant. Collectively, these facilities generate over one-third of Belize’s annual electricity supply. Commissioned between 1996 and 2010, these plants have been pivotal in Belize’s renewable energy infrastructure. The government aims to complete the acquisitions by November 15, 2025, with funding allocated through a special budgetary appropriation. Post-acquisition, the government plans to issue domestic equity and debt offerings to recoup the initial investment. Financial specifics of the transaction will be disclosed when the Bill is presented. The existing power purchase agreements between the hydropower plants and BEL extend to 2050 for Mollejon and Chalillo, and to 2060 for Vaca. David Hutchens, President and CEO of Fortis Inc., expressed his congratulations to the Belizean government, highlighting Fortis’s long-standing partnership and operational success in Belize since 1999. 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 seasoned professional with experience at both BEL and Fortis Belize. Advisors to the government included NERA Consulting UK, Hallmark Advisory, Marsh LLP, and Sukhnandan Consulting LLC.