The Government of Belize made renewable energy history with the signing of a US$77 Million loan agreement with the Saudi Fund for Development, for the construction of a 60 megawatt Solar Energy Plant in Belize. The agreement aims to support sustainable development in emerging economies and Small Island Developing States.
As part of this agreement, the Saudi Fund for Development will provide a loan of $77 million to assist in the construction of a 60-megawatt solar power plant in Belize. This solar project is expected to have a significant impact in terms of reducing emissions, with an estimated annual reduction of 60,000 tons from the energy sector. Moreover, it is anticipated that the project will contribute significantly to Belize’s socioeconomic growth.
In addition to emission reduction benefits, the solar project will also play a crucial role in enhancing the reliability of Belize’s electrical network. Furthermore, it will support Belize’s efforts to combat climate change and transition towards clean energy sources.
The financing provided by the Saudi Fund for Development will enable Belize to make substantial progress in its renewable energy goals and contribute to the global efforts to mitigate climate change. This project represents a significant step towards achieving a more sustainable and environmentally friendly future for Belize.