The Saudi Fund for Development (SFD) has signed a loan agreement with the government of Belize to build a 60MW solar power plant in the Central American country.
Apart from building the solar power plant, the US$77 million loan agreement will also see the SFD supply and install solar panels. SFD said the agreement will improve Belize’s reliability of its electrical network, and advance Belize’s efforts towards mitigating climate change and transitioning to clean energy.
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“Today’s agreement marks an important step forward in the existing development cooperation between both countries. This project reflects the importance that SFD places on mitigating climate change through smart and environmental projects,” said SFD CEO Sultan Al-Marshad.
SFD said this agreement is part of its effort to support sustainable development in developing countries and small island developing states.
Belize prime minister John Briceño said the agreement is in line with the country’s energy policy that focuses on renewable energy.
“This brings numerous benefits to Belize including clean energy, cost savings, energy independence, environmental sustainability, job creation and improved access to electricity to rural communities,” said John Briceño.
Since operations began in 1975, SFD has implemented more than 700 development projects and programmes in 90 countries around the world.