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The International Finance Corporation (IFC), a member of the World Bank Group, is supporting the government of Belize in structuring and implementing an open and competitive public-private partnership (PPP) for a solar facility to be operational by 2027. An open and competitive bidding process for a 50- to 80-MW photovoltaic plant by 2027 being conducted by the Government of Belize is supported by the International Finance Corporation (IFC), a member of the World Bank Group. The project includes a 40 MW battery energy storage system project to enable the integration of renewable energy into the grid, the procurement and deployment of which will be financed by the World Bank. The goal of the IFCs collaboration in the bidding process is to attract a private investor to establish Belizes first public-private partnership in the energy sector, according to a statement. According to IFC Regional Manager for the Caribbean, Ronke-Amoni Ogunsulire, “This project marks a crucial step toward Belize’s renewable energy goals and aligns with the country’s ambition to increase its solar capacity from less than 1 MW to an impressive 180 MW by 2042.” Furthermore, Ogunsulire added, it is expected to attract private sector investment, which will subsequently foster job creation for the local workforce. For his part, Belizes Minister of State in the Ministry of Finance, Economic Development and Investment, Christopher Coye, stated that this project is part of the fact that the dependence on imported electricity and fossil fuels and the severity of climate-related events have led to volatility in energy prices, which impacts the affordability of rates for the population and the competitiveness of businesses, and affects energy security. The Japanese government is also participating in this initiative, providing a grant to finance the consultants and implementation. |
