Guyana to promote the use of renewable energy sources
The Inter-American Development Bank (IDB) says Guyana will promote the diversification of its energy matrix by promoting climate-resilient renewable energy sources used in the electricity generation matrix to avoid deforestation and address climate change.
The IDB said the Caribbean Community (CARICOM) country will do so with non-reimbursable investment financing of up to $83.3 million approved by the Washington-based financial institution with funds from the Norwegian Agency. of cooperation for development.
The IDB has helped the Government of Guyana to develop the energy sector through the financing of several renewable energy activities. “Building on this, the country will now take a transformational leap towards decarbonization by accelerating climate-resilient renewables into the power generation matrix,” he added.
The Guyana Utility Scale Solar Photovoltaic Program (GUYSOL) will invest in eight utility scale solar PV projects totaling 33 MWp with associated energy storage systems of 34 MWh across three regions of the country.
Specifically, it will invest in 10 MWp in the Berbice region, an 8 MWp project in the Essequibo system with a minimum of 12 MWh of battery storage and a 15 MWp plant connected to the Linden system, with a minimum of 22 MWh of battery storage.
The eight projects will contribute to avoiding CO2 emissions, reducing electricity production costs and supporting a substantial transition towards production based on renewable energy sources.
The program will also support a step change in the digitalization of Essequibo and Linden’s electrical systems, moving them from manual systems to automated real-time monitoring and control, improving efficiency, reliability and stability.
Alongside these infrastructure investments, the GUYSOL program will encourage diversity and inclusion in the maintenance and management of renewable infrastructure, developing local skills and learning with a focus on opportunities for women.
The IDB said that by 2025, in line with Guyana’s Low Carbon Development Strategy (LCDS), more than 265,000 customers within the Demerara-Berbice interconnected system and the Linden and Essequibo systems will benefit from improved reliability of electricity supply and modernization of systems.
He said Guyana Power and Light Incorporation (GPL) and Linden Electricity Company Inc. (LECI) will also benefit from the use of solar photovoltaic technology which will displace significant amounts of fossil fuels and reduce production costs.
“This operation is in line with Vision 2025 – Reinvesting in the Americas: A Decade of Opportunity, created by the IDB to achieve recovery and inclusive growth in Latin America and the Caribbean, in the areas of economic digital, gender and inclusion, and climate. change,” the IDB added.