Belize Electricity Limited's Climate Mitigation Program

in implementation

The proposed transaction consists of a corporate loan tothe Borrowerfor up to US$30.0 million to (i) support its working capital requirements and finance its (i) working capital requirements and (ii) 2024/2026 capital expenditures program consisting, among others, of (a) the implementation of smart grid solutions and modernization of its information technology infrastructure, (b) financing of new electric vehicles; (c) network enhancements; and (d) new and replacement of LED street lighting (the “Project”). The Financing will be structured in two phases: (a) phase 1 will consist of a committed tranche for up to US$15 million (“Phase 1” or the “Committed Facility”) comprised of (a) a revolving working capital tranche for up to US$5 million with a maturity period of 2 years and an availability period of 7 years and (b) a 7-year amortizing loan, including a 24-month grace period, for up to US$10 million; and (ii) phase 2 will consist of an uncommitted tranche for additional US$15 million  (“Phase 2” or the ”Uncommitted Facility”) replicating the same terms and conditions as Phase 1.