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IDB to provide $83 million in financing for diversification of Guyana’s energy matrix

By: Franyi Sarmiento, Ph.D., Inspenet, June 24, 2022. Guyana will promote the diversification of its energy matrix by promoting the use of climate-resilient renewable energy sources in the electricity generation matrix to avoid deforestation and address climate change.

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June 24, 2022

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By: Franyi Sarmiento, Ph.D., Inspenet, June 24, 2022

Guyana will promote the diversification of its energy matrix by promoting the use of climate-resilient renewable energy sources in the electricity generation matrix to avoid deforestation and address climate change, with 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 by financing various renewable energy activities, from which the country will now move towards decarbonization by accelerating climate-resilient renewable energy in the electricity generation matrix.

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The Guyana Utility Scale Solar Photovoltaic (GUYSOL) Program will invest in eight utility-scale solar PV projects totaling 33 megawatt peak (Mwp) with associated 34 megawatt per hour (Mph) energy storage systems distributed in three areas of the country.

Specifically, it will invest in 10 Mwp in the Berbice area, 8 Mwp project in the Essequibo system with a minimum of 12 Mwp of battery storage and 15MWp of plant connected to the Linden system, with a minimum of 22 megawatts peak battery storage.

The eight projects will contribute to avoiding_CO2 emissions, reducing the cost of electricity generation and supporting a substantial transition to generation based on renewable energy sources.

The program will also support a radical change with respect to the digitalization of the Esequibo and Linden power systems, moving them from manual systems to real-time automated monitoring and control, improving efficiency, reliability and stability.

Source: https://caribempresarial.com/financiara-el-banco-interamericano-de-desarrollo-la-diversificacion-de-matriz-energetica-en-guyana-con-83-millones-de-dolares/