B.S.I. confirms foreigners will own bagasse plant

In related news, Belize Sugar Industries today confirmed that the proposed
project to convert bagasse into electricity will–at least in its initial
stage–be owned by foreign investors. According to B.S.I. managing director
Joey Montalvo, the deal presently under consideration would have outsiders
own fifty-one percent of a new independent power provider, while the minority
shares would be taken up by B.S.I. and the investment arm of the Inter-American
Development Bank. Montalvo added, however, that built into the contract
would be a clause under which B.S.I. could buy out the foreigners after
a five to seven year period should it desire. Arrangements to create the
new power company, which would sell its current to B.E.L., are well underway,
but much depends on efforts to reform the sugar industry to provide what
Montalvo calls a “solid foundation” for the co-generation venture. He
added that B.S.I. has no problem with the Chalillo project and in fact
sees the two forms of power production as very compatible for Belize.