Saudi fund to back 60-MW solar project in Belize

The Saudi Fund for Development (SFD) has signed an agreement to provide a USD-77-million (EUR 70.1m) loan to support the construction of a solar plant in the Central American country of Belize.

The financing will be used for the construction of the 60-MW facility, the supply and installation of solar panels, and the provision of a battery storage system. Once completed, the project is expected to help avoid 60,000 tons of carbon dioxide emissions per year, according to statements from last week.

The agreement was signed by SFD's chief executive Sultan Al-Marshad and Belize’s prime minister John Briceno. It is part of the Saudi Fund’s strategy to support sustainable development in developing countries and Small Island Developing States (SIDS) and is also aligned with the United Nations' Sustainable Development Goals (SDGs).

The financing secured for the new renewable power capacity comes at a time when Belize needs to expand its energy output to meet the needs of the growing economy.

“Investing in solar energy will enhance Belize’s energy independence by reducing its reliance on foreign energy sources,” the local government noted in a separate statement.

Launched in 1975, SFD has so far realised more than 700 development projects and programmes in 90 countries across the world.

(USD 1 = EUR 0.910)

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