Development banks energize Guyana renewables

Development banks energize Guyana renewables

Development banks energize Guyana renewables 1024 565 Energy Storage Journal

June 23, 2022: Guyana is to develop eight utility-scale solar and battery storage projects in the South American country with investment financing worth around $83 million, the Inter-American Development Bank (IDB) announced on June 17.

The IDB and the Norwegian Agency for Development Cooperation have approved the non-reimbursable financing for the photovoltaic solar projects totaling 33MWp with an associated 34MWh of energy storage systems.

Guyana “will now make a transformational leap towards decarbonization by expediting climate-resilient renewable energy in the electricity generation matrix”, the IDB said.

The program will also support a step-change by digitalizing electrical systems in three areas of the country, moving them from manual systems towards real-time, automated monitoring and control, improving efficiency, reliability, and stability, the IDB said.

Utilities Guyana Power and Light and the Linden Electricity Company will also benefit from the use of solar photovoltaic technology that will displace significant amounts of fossil fuels and reduce generation costs, the IDB said.