Belize, Guyana secure multilateral power sector support

IDB Invest is set to inject funds into Belize and Guyana to shore up electricity dispatch and support the incorporation of renewable energy.

Information from IDB’s private sector lending arm shows that the latter’s board recently greenlighted US$30mn for Belize Electricity (BEL) and US$5mn for solar developer Soventix’s projects in Guyana.

BNamericas previously reported that BEL and Soventix had requested IDB Invest backing.

Read Infrastructure overhaul on tap for Belize power sector and Financing in the pipeline for Caribbean solar projects

BEL will earmark the resources to the procurement of equipment and software, system development, infrastructure upgrade works and customer service, and Soventix will channel funds to small-scale photovoltaic systems and battery storage.

Last week, BEL signed an agreement with the European Union for a grant of 4.5mn euros (US$5mn) and a BEL contribution of 500,000 euros to implement a rural electrification project for five remote villages.

The utility will operate and maintain the systems which will be supplied with electricity that is generated and stored using hybrid solar, diesel and battery technologies. Customers will be served via standard metered networks.

Guyana also has potential financing in IDB’s lending pipeline to diversify its energy matrix, specifically US$83.5mn for utility-scale solar projects under study by local power company GPL.

The country’s clean energy push includes a utility-scale wind farm and small-scale hydro.