IDB’s US$83.3 million support will see Guyana’s transformational leap towards decarbonisation
An investment financing of up to $16.6 billion (US$83.3 million) which was approved by the Inter-American Development Bank (IDB) will see Guyana making a transformational leap towards decarbonisation.
The IDB said Friday that it has been supporting the Government of Guyana to develop the energy sector, noting that the Guyana Utility Scale Solar Photovoltaic Programme (GUYSOL) will invest in eight utility-scale, photovoltaic solar projects totaling 33MWp (Megawatt peak) with associated 34MWh energy storage systems distributed across three areas in the country.
Specifically, it will invest in 10MWp system 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.
According to the financial institution, 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 programme will also support a step-change with respect to digitalisation of the Essequibo and Linden electrical systems, moving them from manual systems towards real-time, automated monitoring and control, improving efficiency, reliability and stability.
“Alongside these investments in infrastructure, the GUYSOL Programme 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,” the IDB added.
The IDB missive said too that 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 modernisation 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.