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Govt. amends energy matrix loan with IDB, borrows US$27M
Kaieteur News – On Sunday, the Government of Guyana (GoG) inked a US$26.9 million amended loan agreement with the Inter-American Development Bank Group (IDB Group) to strengthen Guyana’s energy matrix.
Signing on behalf of Guyana was Senior Minister in the Office of the President with responsibility for Finance and Public Service Dr. Ashni Singh, while IDB President Ilan Goldfajn signed the agreements on behalf of the IDB.
The agreement includes an amendment to strengthen the government’s initiative to have an energy matrix diversification.
IDB reported that the amendment will benefit more than 200,000 people, which averages about 90% of the Guyana Power and Light Inc.’s (GPL) customer base on the Demerara-Berbice Interconnected System (DBIS).
The modification uses approximately 63% of the funds to focus on reliability of electricity supply by replacing and upgrading two existing 12-kilometer 69kv transmission lines, and installation of capacitor banks to reinforce four power substations over the next three years.
The agreement was signed during the IDB Group’s XII Annual Consultation with Caribbean Governors of the IDB held at the Guyana Marriott Hotel, in Georgetown. President Irfaan Ali also attended the event.
The government has committed to diversifying its energy matrix as outlined in the Low Carbon Development Strategy (LCDS 2030), significantly increasing energy production from less than 2,000 GWh per year currently to over 9,000 GWh per in 2041, with heavy fuels-based energy declining to 2 percent to total production in 2040 and replaced by natural gas and renewable sources of energy such as hydro, solar, and wind energy.
In 2022, the government planned to start implementing Guyana’s Climate Resilience Strategy and Action Plan, which will include sea defence enhancement, drainage and irrigation systems. For oil spill risk mitigation, the Environmental Protection Agency (EPA) has required the Consortium to have high coverage insurance, which the Consortium stated meets international standards for all its petroleum activities in Guyana.
Moreover, the most significant contribution currently with the IDB is Norway’s (Norwegian Agency for Development Cooperation) non-reimbursable investment operation to diversify Guyana’s energy matrix for US$83.30 million.
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