Guyana to promote the use of renewable energy sources with IDB and Norway support – EQ Mag Pro
Guyana will promote its energy matrix diversification by promoting climate-resilient renewable energy sources use in the electricity generation matrix to avoid deforestation and face climate change, with a non-reimbursable investment financing of up to US$83.3 million approved by the Inter-American Development Bank (IDB) with funds from the Norwegian Agency for Development Cooperation.
The IDB has been supporting the Government of Guyana to develop the energy sector through financing of several renewable energy activities. Building on this, the country will now make a transformational leap towards decarbonization by expediting climate-resilient renewable energy in the electricity generation matrix.
The Guyana Utility Scale Solar Photovoltaic Program (GUYSOL) will invest in eight utility-scale, photovoltaic solar projects totaling 33MWp with associated 34MWh energy storage systems distributed across three areas in the country. Specifically, it will invest in 10MWp in the Berbice area, 8MWp project in the Essequibo system with a minimum of 12MWh battery storage and 15MWp plant connected to the Linden system, with a minimum of 22MWh battery storage.
The eight projects will contribute to avoiding CO2 emissions, lowering electricity cost generation, and supporting a substantial transition to generation based on renewable energy sources.
The program will also support a step-change with respect to digitalization of Essequibo and Linden electrical systems, moving them from manual systems towards real-time, automated monitoring and control, improving efficiency, reliability, and stability.
Alongside of these investments in infrastructure, the GUYSOL Program will encourage diversity and inclusion in the maintenance and management of renewable infrastructure, developing local skills and apprenticeships with a focus on opportunities for women.
By 2025 in line with Guyana’s Low Carbon Development Strategy (LCDS), more than 265 thousand customers within the Demerara-Berbice Interconnected System and Linden and Essequibo systems will benefit from reinforced reliability of electricity supply, and modernization of systems.
The Guyana Power and Light Inc. (GPL) and the Linden Electricity Company Inc. (LECI) will also benefit from the use of solar photovoltaic technology that will displace significant amounts of fossil fuels and reduce generation costs.
This operation is in line with Vision 2025 – Reinvesting in the Americas: A Decade of Opportunities, created by the IDB to achieve recovery and inclusive growth in Latin America and the Caribbean, in the areas of digital economy, gender and inclusion, and climate change.
About the IDB
The Inter-American Development Bank is devoted to improving lives. Established in 1959, the IDB is a leading source of long-term financing for economic, social, and institutional development in Latin America and the Caribbean. The IDB also conducts cutting-edge research and provides policy advice, technical assistance, and training to public and private sector clients throughout the region.