Fortis Belize Limited (FBL)

Description:

The description included in this profile was taken directly from an official source and has not been modified or edited by the BNamericas’ researchers. However, it may have been automatically translated. 

As a subsidiary of Fortis Inc., based in Newfoundland, Canada, a leader in the North American regulated electric and gas utility industry, FBL was first incorporated on April 24, 1991, as Belize Electric Company Limited (BECOL). On January 26, 2001, Fortis Energy Cayman Inc. (FECI) acquired 95% interest in BECOL from Duke Energy Group Inc. and subsequently purchased the remaining 5% interest held by the Social Security Board of Belize (SSB) in May 2004. Belize Electric Company Limited (BECOL) formally rebranded and became Fortis Belize Limited (FBL) in September 2022.

FBL operates pursuant to agreements with the Government of Belize. A Franchise Agreement, a revised Power Purchase Agreement, and the Third Master Agreement dated November 21, 2001, state that all electricity generated by BECOL (now Fortis Belize) will be sold to BEL for 50 years commencing on the first Commercial Operation Date (April 1, 1996). In September 2005, construction of the Chalillo hydroelectric facility was completed, extending the terms of the revised PPA to the fiftieth anniversary of the Chalillo project commencement date. On March 15, 2007, a new 50-year PPA with terms commencing on January 22, 2010, was signed with BEL related to electricity generation by the Vaca hydroelectric facility.