CDB and Canada Launch Major Grid Modernization for BEL

The Caribbean Development Bank (CDB), in partnership with Canada, has launched a US$27.53 million financing package to modernize Belize Electricity Limited (BEL) under the Power VIII Project.  Implemented nationwide by BEL, the project focuses on Advanced Metering Infrastructure (AMI) and broader grid modernization. Financing includes a US$24.2 million CDB loan and a US$3 million grant from CDB’s Special Funds, supported by Canada’s Supporting Resilient and Green Energy (SuRGE) initiative. CDB says it is the largest financing ever extended to BEL and its first non-sovereign, unsecured support to the utility.  CDB Portfolio Manager Alexander Augustine said the project will deliver a smarter, more climate-resilient grid, improving real-time monitoring, outage management, voltage control, billing accuracy, and solar integration, while reducing losses and environmental impact. Feasibility studies for key transmission upgrades are also included.  Canada’s Chargé d’Affaires, Ricardo Martin González, welcomed the initiative, citing support for cleaner, more reliable energy and shared commitments to sustainable development.  BEL CEO John Mencias called the project a landmark endorsement of BEL’s financial stability and governance.  Rolling out over three years, Power VIII will deploy about 115,000 smart meters nationwide. The project also includes an additional US$330,000 SuRGE grant and US$7.05 million in matching funds from BEL.