On October 31, 2025, Fortis Inc. completed the sale of its investments in Belize to the Government of Belize. The transaction comprised the sale of Fortis' non-regulated hydroelectric generation business in Belize, held through Fortis Belize Limited (formerly Belize Electric Company Limited), together with Fortis Cayman Inc.'s 33.3 percent interest in Belize Electricity Limited (BEL), Belize's principal electricity distributor. The aggregate purchase price was approximately BZ$256 million (US$110 million for the hydroelectric assets and US$18 million for the BEL shares).
The hydroelectric business consists of three plants on the Macal River in the Cayo District (the Mollejon, Chalillo, and Vaca facilities) with a combined installed capacity of approximately 51 megawatts, together supplying roughly one-third of Belize's electricity. The BEL interest represented 22,984,662 ordinary shares, or 33.3 percent of the issued and outstanding ordinary shares of BEL. The hydroelectric assets were independently valued by NIRA Consulting, and the plants operate under long-term power purchase agreements with BEL extending to 2050 for Mollejon and Chalillo and to 2060 for Vaca.
The divestiture completes Fortis' exit from Belize, where it had operated since 1999, and follows the September 2025 sale of its Turks and Caicos utility (FortisTCI), leaving Fortis comprised entirely of regulated assets. Proceeds from the dispositions are being used to strengthen the balance sheet and provide funding flexibility in support of Fortis' regulated utility growth strategy. Following the acquisition, Fortis Belize Limited was renamed Hydro Belize Limited, and the Government of Belize subsequently pursued a domestic public share offering to recover the acquisition cost.
Davies Ward Phillips & Vineberg LLP acted as legal counsel to Fortis Inc., with a team that included Richard Fridman, Robin Upshall, Matthew Sherman, and Emily Dolan (Private Mergers & Acquisitions/Energy) and Chris Anderson and Andrew Ellis (Tax). Courtenay Coye LLP acted as Belize counsel to Fortis, and Conyers Dill & Pearman acted as Cayman Islands counsel to Fortis. Marsh LLP acted as counsel to the Government of Belize.