Government Finalizes Historic Takeover of Fortis Belize Hydropower Assets

The Government of Belize has successfully acquired Fortis Inc.’s electricity sector assets, marking a historic milestone in the nation’s journey toward full energy independence and local ownership. The acquisition includes three major hydropower plants on the Macal River, namely, the Mollejon (25 MW), Chalillo (7 MW), and Vaca (19 MW) facilities, along with Fortis’s 33.3% shareholding in Belize Electricity Limited (BEL). Together, these assets generate over one-third of Belize’s annual electricity supply.

To oversee and manage the newly acquired facilities, the Government has established Hydro Belize Limited, a fully Belizean-owned company headquartered in San Ignacio, Cayo District. The company is led by CEO Kay Menzies, supported by an entirely local team of 48 Belizean professionals, and guided by a Government-appointed Interim Board chaired by Ambassador Lynn Young, a seasoned veteran of both BEL and Fortis Belize.

Under the direction of Prime Minister John Briceño, the Government will table a Bill in the House of Representatives tomorrow to formalize the acquisition. The measure, approved by Cabinet, authorizes the purchase of Fortis Belize’s hydropower plants and equity in BEL.

The Government will finance the acquisition through special budgetary appropriation, with completion expected by November 15. A secondary domestic offering will follow, allowing Belizeans to invest directly in Hydro Belize and help recover acquisition costs.

The government notes that with this new set of hydropower assets, profits remain in Belize and that the annual rate increases previously tied to power purchase agreements will be eliminated, providing significant relief for households and businesses nationwide.