Construction to start by mid next year

Oct 13, 2009 News

The construction of a 150-megawatt hydro power project at Amalia Falls is expected to start by mid-next year.
The project, expected to cost over US$500M, and for which financing is being worked on currently, will more than likely be one of Guyana’s biggest project to date. It is expected to be completed within four years.
Briefing the media at the Liliendaal’s International Conference Centre yesterday, President Bharrat Jagdeo disclosed that a key meeting on financing the project will be held next month in Washington involving government, the private investors and the Inter-American Development Bank (IDB).
The President declined to name the investors yesterday.
During a meeting in Istanbul, Turkey, last week, Jagdeo met with the head of the IDB who agreed to host a meeting with the players in Washington.
According to the President, he had met with the investors before leaving for Turkey last week. Last year November, evaluations of the bid by the investor for the hydro project found that the rates were high. However, adjustments were made and the pricing was found to be more “acceptable”.
According to the President, the government is working closely with investors to ensure that financing is secured within the next few months.
He explained that this will come largely from equity of the investors, loans from multi-lateral institutions and from bilateral sources.
A key aspect to jumpstart the project will be construction of access roads to the project site at Amalia Falls. This will advance the project schedule tremendously, Jagdeo stressed yesterday.
The roads and cutting of the path for transmission lines will cost an estimated US$25M and will be financed by loans.
While Guyana will not be investing directly into the project, the government through the Guyana Power and Light Inc. (GPL) will be committing to purchasing power that will be produced by the hydro project.
The hydro project is expected to cost between US$500-$600M with US$100M alone accounting for transmission lines to take power from the site to coastlands.
The President has also confirmed that Brazilians are talking about another hydro project in Guyana that will have the potential to produce 800 megawatts.
Talks are ongoing in this project.

Latest News

Construction to start by mid next year

Related

Similar Articles

The Glenn Lall Show|| March, 17th, 2025

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

GPF arrests Presidential Guards by 48 runs as cricket action gets...

Superbet supports One Guyana 3×3 Quest

FIDE Master Drayton outclasses strong competition...

Wiltshire, Chris dominoes tourney set for March

Houston Sec’, New Central, Saints sent packing

Charles’ all-round performance helps EBDCA U23...

Features/Columnists

No immigrant should feel safe in America today

If Guyana’s President Ali is the “Zelensky of the Caribbean”, who is the Putin?

From Bharrat, the Blusterer to Howard, the Coward

Publisher’s Note

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]

Construction to start by mid next year

Share this:

Related

Similar Articles

The Glenn Lall Show|| March, 17th, 2025

Follow on Tik Tok @Glennlall

THE BLUNT OF THE DAY

Sports

Features/Columnists

Publisher’s Note

Weekend Cartoon

Bridge Watch

Demerara Harbour Bridge

> Berbice Bridge […]