- February 4, 2019
- Category: News
In line with the Development Finance Corporation’s (DFC) continued efforts to promote business adoption of renewable energy and energy efficient technologies, the DFC partnered with the Belize Biltmore Plaza by way of grant funding for the installation of a Chromagen 160 gallon on-demand solar water heating system. This system will partially supply the hot water needs for the hotel’s laundry service.
The DFC formally signed the Grant Agreement with the Belize Biltmore Plaza on Monday, February 4, 2019 in which it provided grant resources to the Belize Biltmore Plaza to co-finance the installation and commissioning of the solar water heating (SWH) demonstration project.
Speaking of the partnership, Mr. Franklyn Magloire, DFC’s Chief Strategist and Climate Champion stated that the DFC is committed to promoting more awareness of the benefits of alternative energy through various mechanisms, including the use of Demonstration Projects in which the savings which accrue from such investments are clearly visible to potential investors.
He added, “Private sector entrepreneurs do not have vast amounts of capital so their limited resources have to be used where they can see savings. The capital investments for Renewable Energy projects seem high but what needs to be understood is that the payback period is short. After an initial payback period of 2 or 3 years, the savings are all yours for you to invest in other aspects of your business.”
Mrs. Natalie Goff General Manager for the DFC stated that the DFC is a strong partner for businesses financing because, ‘its not just about the financing but also the strong technical support which the DFC provides to businesses.”
“This is a momentous moment for Biltmore,” stated Mr. Allen Wayne McNab Director of Belize Biltmore Plaza. “Anytime you can find a way to cut your operating costs in this industry it is important. I believe you are onto a very good initiative of providing the financing for Renewable Energy investments. We are certain this project will be a success and we are very happy to share with the industry what we’re doing.”
Mr. Ted Tejada, General Manager of the Belize Biltmore Plaza – the person who was pivotal in undertaking this initiative, stated that the idea came to him while attending a conference in St. Kitts and Nevis. He stated that, “It was amazing to go around the island and see a solar water heating system on nearly every house.” During his visit he noted that the then Deputy Prime Minister of St. Kitts & Nevis stated that, “by 2020, St. Kitts would be at 100% with Solar Water Heaters installed in every home.”
As part of the grant agreement, this solar water heating (SWH) installation will serve as a demonstration project. Any hotel or business owner interested in learning more about the project and would like to view the installation, can contact the Development Finance Corporation at 822-2350/60 Ext. 336 to make arrangements for viewing.
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