US$8M loan for solar farms at Port Kaituma, Matthew’s Ridge & Kwakwani

Guyana has secured a US$8M loan from the Abu Dhabi Fund for Development (ADFD) and the International Renewable Energy Agency (IRENA) for the development of solar farms at Port Kaituma, Matthew’s Ridge and Kwakwani.

ADFD and IRENA made the announcement on its website on Saturday.

The selection of renewable energy projects, for which loans will be granted, were from Guyana, Liberia and Togo.

ADFD and IRENA state that the project in Guyana will receive a loan of US$8 million to install 5.- megawatt grid-connected solar PV systems in the hinterland regions to reduce fossil fuel consumption and increase the reliability of electricity supply.

The hinterland region is plagued by inadequate electricity supply, while in many villages, there is no electricity.

Minister of Public Infrastructure, David Patterson, who met with representatives of ADFD and IRENA between January 11 and 13, shared via Facebook that the project will see the development of solar farms at Port Kaituma, Matthew’s Ridge and Kwakwani.

It is estimated that 34,700 people in the targeted areas will benefit from the project, which will also create about 120 direct and indirect jobs throughout its lifecycle.

ADFD and IRENA assist developing countries access low-cost capital for renewable energy projects to increase energy access, improve livelihoods and advance sustainable development.

“The projects selected this year will contribute towards meeting national energy access targets and will transform lives for the better,” IRENA Director-General, Adnan Z. Amin said.

He added: “They will take advantage of cost-effective renewable energy to help reduce poverty, enable income-generating activities, and provide electricity to healthcare facilities and educational institutions, which will create jobs, empower women, and strengthen local communities.”

Meanwhile, Director General of ADFD, Mohammed Saif Al Suwaidi stated: “We are proud of our result-oriented Facility that has supported replicable, scalable and potentially transformative renewable energy projects set to benefit communities and improve their living conditions.”

He expressed that the Facility is pleased to have selected truly impactful projects, which, collectively value US$31 million.

“Taking into account this cycle’s recipients, our cumulative expenditure to date is US$245 million, and we look forward to allocating the remaining US$105 million to awardees of the seventh cycle,” the Director General of ADFD added.