Government to Buy Fortis Assets; Opposition Demands Transparency

The Government of Belize has announced plans to acquire Fortis Inc.’s electricity assets in Belize, including its 33.3% shareholding in Belize Electricity Limited (BEL) and the three hydropower plants on the Macal River—Mollejon, Chalillo, and Vaca. The transaction, according to a government release, will be tabled in the House of Representatives for parliamentary approval on Friday.

The acquisition, expected to be completed by November 15, 2025, will be financed through a special budgetary appropriation, followed by a secondary domestic offering of equity and debt to recover initial costs. The Government said the move aims to secure Belizean ownership of key energy infrastructure and reduce electricity costs for consumers.

“The Government’s acquisition of the hydropower plants transfers the facilities to Belizean ownership, thus keeping the company’s future profits locally,” the official release stated. It added that the Government intends to “eliminate the annual increases in the cost of power sold by the hydro plants to BEL, and in so doing, provide a significant benefit for all consumers.”

The new entity, Hydro Belize Limited, will be headquartered in San Ignacio, Cayo District, led by CEO Kay Menzies and governed by an interim board chaired by Ambassador Lynn Young, a veteran of both BEL and Fortis Belize. Advisory firms NERA Consulting UK, Hallmark Advisory, Marsh LLP, and Sukhnandan Consulting LLC supported the Government in structuring the transaction.

OPPOSITION RAISES ALARM OVER PUBLIC DEBT AND DISCLOSURE

The United Democratic Party (UDP) Opposition, led by Hon. Tracy Taegar Panton, has expressed serious concern over the announcement, describing the deal as rushed and opaque.

In a press statement dated October 17, 2025, the Opposition questioned the absence of independent valuation, regulatory review, and public disclosure before committing to what it called a “multi-million-dollar transaction.” It also raised alarm over the financing mechanism, warning that the use of a special budgetary appropriation could deepen national debt.

“The Government’s own reference to a ‘special budgetary appropriation’ signals, in plain terms: more borrowing, more debt, and a heavier burden on the backs of hardworking Belizeans,” the Opposition release stated.