The Export-Import Bank of the United States, commonly known as EXIM, has approved more than $526 million for Guyana’s Ministry of Finance. The funds will support the development of a transformative gas to energy project. Reports indicate that the project will be located in Wales, West Bank Demerara.

Project Details

The funds will be directed towards establishing a natural gas separation plant and a 300MW combined cycle gas turbine power plant. The two proposed facilities are designed to strengthen Guayana’s energy supply. The projects intend to do that by leveraging natural gas in electricity generation. These developments will also support services for the gas supply pipeline.

These projects are set to double Guyana’s installed electric capacity, strengthening energy security and fostering economic growth for local businesses. The initiative aligns with the US Administration’s priorities on economic, energy, and national security.

Also read: Gazprom Approves $15 Billion Investment to Enhance Gas Production 

Collaboration with US and Guyanese Companies

The project involves a collaboration between US and Guyanese companies. A joint venture between Lindsayca, a Texas based firm, and CH4 Systems, a Puerto Rican small business, leads the efforts. ExxonMobil is also contributing its expertise.

Currently, 85% of the 500 workers on-site are Guyanese, highlighting the project’s local impact.

Statements from Leaders

EXIM Chair Reta Jo Lewis expressed satisfaction with the board’s decision, emphasizing its alignment with the bank’s priorities and mandates. US Ambassador Sarah-Ann Lynch noted the high quality and safety standards the project upholds.

Both leaders highlighted the significance of US-Guyana partnerships in delivering innovative and impactful solutions for energy transformation.

Positive Outcomes for Guyana

This historic project represents a major step for Guyana’s transition to cleaner and more reliable energy sources. It promises significant benefits for consumers and businesses while unlocking new economic opportunities across the country.

The gas-to-energy project symbolizes a strong collaboration between US and Guyanese entities, ensuring mutual benefits and a sustainable future.

SJVN Green Energy Ltd. (SGEL), the subsidiary of SJVN Ltd, has initiated the process of bidding for the development of a major solar power project in Maharashtra. The project, which aims to develop a total capacity of 1,352 MW, is part of the state’s Mukhyamantri Saur Krishi Vahini Yojana (MSKVY) 2.0, under the broader PM KUSUM Component Cinitiative.

Project Overview and Distribution Across Maharashtra

SJVN Green Energy Ltd. will set up solar power projects across 102 sites in Maharashtra, focusing on four key districts. Pune will host 154 MW of solar capacity, distributed over nine different locations. The district of Nashik will see the development of 304 MW at 22 sites. Ahmednagar will receive 315 MW, and additionally, in Solapur, there would be 579 MW available across 52 locations. This will increase renewable energy capacity in Maharashtra and support India’s goal of transitioning to a cleaner, greener economy.

The bidding process for solar projects starts on December 21, 2024, with bids due by January 16, 2025, 2:00 PM. SJVN Green Energy Ltd. will hold a pre-bid meeting on January 2, 2025, to clarify requirements and aid bid preparation.

Financial Eligibility Criteria and Requirements by Bidders

To qualify for the tender, interested bidders must meet a set of stringent eligibility criteria. Bidders must show a net worth of INR 12.7 million per MW, annual turnover of INR 19 million, and resource generation of INR 3.8 million per MW.Bidders must secure a credit line of INR 10.6 million per MW from recognized financial institutions for working capital needs.

In addition to meeting these financial requirements, bidders must submit a bid processing fee of INR 1.5 million and an Earnest Money Deposit (EMD) of INR 1.27 million per MW for the quoted capacity, totaling INR 20 crore for the entire project. The submission of a tender will involve paying a non-refundable tender fee amounting to INR 5,900.

Also read: SJVN Green Energy secures 200 MW solar project in Gujarat

Solar Technology and Equipment Standards

The solar projects will use photovoltaic technology, sourcing all PV modules exclusively from List-I of the Ministry of New and Renewable Energy. This, therefore, ensures that all apparatus used in the project is the best possible one, reducing the risks of delay and its performance and lifespan.

These solar power projects will help Maharashtra achieve its renewable energy goals. This project will deliver over 1,350 MW of clean energy, reducing Maharashtra’s reliance on conventional power and enhancing energy security. This project will support the PM KUSUM scheme by promoting renewable energy in agriculture, enhancing farmers’ energy access and productivity.