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President can’t unilaterally inject money into the Hydro Project – says Chris Ram

May 20, 2010 News

President Bharrat Jagdeo cannot inject money unilaterally into the Amaila Falls Hydroelectric Project.
This is according to Eminent Chartered Accountant, and attorney-at-law Christopher Ram, who said that the any money to be invested into that project by Guyana has to be approved by the National Assembly.
“He has changed the entire face of the project,” adding that there will be implications for the consolidated fund.
Ram was at the time responding to statements made by the President at the International Conference Centre  where he said that he will be injecting some of the money to be had from Norway into the Project.
President Jagdeo said, “Within a matter of months $30M will come to Guyana, we’ve notified this to the Parliament…we spend part of it on buying into the equity on hydro project so that the rates come down even further.”
Several eyebrows have been raised in wake of the president’s comments in light of the fact that there is already an equity partner and project sponsor. The project according to the equity partner Sithe Global, the Amaila Falls project is a 140 MW hydro project located in western Guyana.
Currently, all generation in Guyana is provided through small units burning either diesel or heavy fuel oil.
“The Amaila Falls project would be a substitute for these expensive and mostly outdated generation facilities…It would not only represent a clean generation source, but also represent important foreign exchange savings for the country by reducing Guyana’s dependence on expensive imported fuels.”
All of the energy generated by the project will be taken by the government-owned utility Guyana Power and Light through a long term Power Purchase Agreement , as well as an “Assignment of Receivables Agreement”, which ensures the payment via pass-through payment from end use customers.

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