Guyana Raises $83.3 Million Financing For RE

• IDB and Norway have jointly approved $83.3 million to support solar and storage projects in Guyana
• The 33 MW solar PV capacity accompanied by 34 MWh energy storage under GUYSOL will benefit from this financing
• Projects will be located across Berbice, Essequibo and Linden regions, while also creating job opportunities for locals

The Inter-American Development Bank (IDB) with funds from the Norwegian Agency for Development Cooperation have shelled out $83.3 million to help Guyana realize 33 MW utility solar PV capacity along with 34 MWh energy storage systems.

Guyana Utility Scale Solar Photovoltaic Program (GUYSOL) is bringing online this solar capacity as 8 projects with associated energy storage systems, spread across as 10 MW in Berbice, 8 MW in Essequibo with 12 MWh battery storage and 15 MW plant in Linden with 22 MWh storage.

Electricity supply from this arrangement will benefit over 265,000 customers within the Demerara-Berbice Interconnected System.

This project is aimed at diversifying the country's energy mix with renewables thereby lowering its emissions and bringing down cost of electricity generation. Use of solar PV with storage is also targeted to improve the operation and management of the isolated systems of Essequibo and Linden, while also creating job opportunities for locals in this industry.

At the same time, the program will digitalize the electrical systems in Essequibo and Linden with automated monitoring and control, improving the efficiency, reliability and stability of the systems.

Back in June 2019, Norway approved GYD 16 billion for Guyana to set up solar power plants with 30 MW capacity accompanied by storage component, to be located in Bartica, Lethem, Mabaruma, Mahdia and other interior locations (see Norway To Fund 30 MW Solar PV Capacity In Guyana).