Today at noon, President Irfaan Ali received a telephone call from the President and Chair of the United States Export-Import (EXIM) Bank, Reta JoLewis who informed him that the Board of EXIM approved the loan for the Gas-to-Energy (GtE) Project valued at over $526 million at their Board Meeting held earlier today having completed the thirty-five day congressional notice period.
The GtE Project is slated to deliver 300MW of Power to the grid when completed, expanding the supply of electricity, cutting the carbon footprint per kilowatt hour, and reducing energy costs to consumers by 50 percent.
A statement from the government said that the President expressed to Chairman Lewis and the EXIM Bank as well as all other US Government agencies and authorities involved, including Ambassador Theriot and her team at the US Embassy in Guyana, the Government’s strong appreciation and thanks for the approval granted and for the confidence shown in this GtE project and in Guyana.
President Ali also commended the Guyana team at the Office of the President, Ministry of Finance, Ministry of Natural Resources, and the Guyana Embassy in Washington DC, whose work helped secure this important outcome for our country.
The US Embassy issued the following statement:
Today, the Board of Directors at the Export-Import Bank of the United States (EXIM) approved more than $526 million to the Ministry of Finance of the Cooperative Republic of Guyana to support a gas-to-energy project.
The half billion dollar financing from today’s approval will support the construction of a state of the art natural gas separation plant, a 300 MW combined cycle gas turbine power plant, and services related to the gas supply pipeline located at Wales, West Bank Demerara. This project will allow Guyana to transition to more reliable and cleaner energy for consumers and businesses by using natural gas to generate electricity. The project will also enable Guyana to strengthen its energy security by doubling the country’s installed electric capacity and unlocking economic growth potential for local Guyanese companies of all sizes. The United States Embassy is proud of this historic project and partnership.
“I am extremely pleased that the Board of Directors approved today’s Gas-to-Energy Project,” said President and Chair Reta Jo Lewis. “I am especially proud to continue to support Bank priorities and charter mandates along with projects that align with the Administration’s economic, energy, and national security priorities.”
The financing will support a U.S. joint venture involving Lindsayca, a Texas-based company, and Puerto Rican small business, CH4 Systems, and services provided by ExxonMobil. This work is being conducted by U.S. and Guyanese companies. 85% of the 500 employees currently supporting this project on site are Guyanese. Ambassador Theriot said, “I am thrilled that the Board has approved the financing for this groundbreaking project.” She added, “By working with U.S. companies, Guyana will benefit from a first-in-class power plant where quality and safety are at the forefront. We look forward to even more transformational projects where U.S. and Guyanese companies can partner for the benefit of the Guyanese people.”
