Belize Partners with IFC to Develop Solar Energy Project

The Government of Belize has partnered with the International Finance Corporation (IFC) to develop the country’s first public-private partnership in the energy sector. The project will establish a utility-scale solar plant, providing 50 to 80 megawatts of power by 2027, improving energy security and affordability for around 20,000 households.

As part of Belize’s goal to increase renewable energy generation by 75% by 2030, IFC will serve as the Lead Transaction Advisor, facilitating a competitive selection process for a private investor to develop and operate the plant.

Minister of State Christopher Coye said that reducing dependence on fossil fuel imports will stabilize energy prices, enhance business competitiveness, and strengthen climate resilience. “The reliance on electricity and fossil fuel imports and the severity of climate-related events have led to volatile energy prices, which impacts tariff affordability for the population and business competitiveness and affects energy security,” said Coye.

The project aligns with Belize’s long-term goal of expanding solar capacity from under 1 MW to 180 MW by 2042.

Supported by the World Bank and the Government of Japan, the initiative will also integrate a 40 MW Battery Energy Storage System to enhance grid stability. By attracting private sector investment and international funding, Belize aims to bolster its energy resilience while minimizing fiscal impacts.