Institutional Position
Honduras Powers Up Its Future:
The Electricity Reform That Makes
HSAIH™ Possible
June 18, 2026 — Platia Capital S.A. / HSAIH™
A semiconductor fab does not negotiate with blackouts.
A semiconductor manufacturing hub operates 24 hours a day, 365 days a
year, with zero tolerance for interruptions. A mid-scale chip factory
requires between 50 and 100 megawatts of continuous, clean, stable
power. This is not a negotiable figure — it is a physical condition of
extreme-precision manufacturing.
That reality means the reform of Honduras's electricity sector is not,
for us, a political issue. It's a viability issue.
What's happening — and why it matters
On June 17, the National Congress approved in first debate reforms to
the General Electricity Industry Law, which split ENEE into three
specialized strategic units:
Generation, Transmission, and Distribution —
operating under a structure with 100% state capital.
This architecture is the model successfully adopted by Chile,
Colombia, Panama, and the vast majority of emerging economies that
modernized their energy sector without losing sovereignty. The IDB,
the World Bank, CABEI, and CAF publicly support it. The IMF has backed
it in its program reviews with Honduras.
ENEE has accumulated losses exceeding L. 16,000 million annually —
approximately $598 million — and total debt exceeding $4,200 million.
And with the development of HSAIH™, which would come to contribute
around $600 million annually to the Honduran State, backing the
initiative. ENEE's current model cannot be reformed from within. It
requires total structural transformation.
HSAIH™'s position: clear support, with a concrete and strategic
recommendation
1. Functional separation = private investment in clean
generation.
The split allows private renewable energy generators to compete to
supply large industrial consumers through direct contracts. For a
semiconductor chip fab, that means access to solar and hydro power at
competitive, predictable rates.
2. Independent transmission = supply security.
A specialized transmission company can attract the $1,200 million the
Honduran grid needs to modernize — the continuity standards
semiconductor manufacturing demands.
3. Strengthened regulator = legal certainty for investors.
The reform strengthens CREE as an independent regulator. For DFC, IDB
Invest, and CABEI, a solid regulator is a signal of a serious,
forward-looking country. It's part of the case we present to them.
Our call to the National Congress
We support the passage of this reform. And we make a specific call:
that the final legislation include a
special industrial tariff regime for strategic technology
manufacturing projects
within the ZMTE™ framework. The framework HSAIH™ promotes to attract
$1 billion in capital, of 100% pure technology.
Taiwan did it. South Korea did it. Malaysia did it. All three built
their semiconductor industries on guaranteed industrial power as a
matter of state policy. Honduras has the opportunity to write its own
chapter and transform its history forever.
The electricity reform, combined with CAFTA-DR, the 0% income tax
regime for 10–15 years, and access to Puerto Cortés, forms the perfect
package of conditions that no other country in the Western Hemisphere
can offer today — one that major tech capital, like that of Silicon
Valley, wants to see.
Honduras is not competing with its neighbors. It's competing with
Asia. And in the Western Hemisphere, it's winning. We encourage
Congress to think about the legacy for our future generations.
HSAIH™ is committed to making a positive impact on the Honduran
people.
