The Government of Guyana and the Export-Import (EXIM) Bank of the United States signed a landmark agreement on Friday, securing a US$526 million loan to accelerate the multi-billion-dollar gas-to-energy project.
The funding will facilitate the construction of a cutting-edge natural gas separation plant, a 300 MW combined cycle gas turbine power plant, and related infrastructure for the gas supply pipeline at Wales, West Bank Demerara. This ambitious project aims to transition Guyana to cleaner, more reliable, and affordable energy for consumers and businesses.
EXIM Bank President and Chairperson Reta Jo Lewis, who signed the agreement on behalf of the bank, highlighted the strategic importance of the project. “This deal is a game changer—not just for Guyana and the United States but for the people and businesses that unite our nations. Together, we are strengthening energy security, enhancing environmental sustainability, and unlocking economic opportunities,” Lewis said. She emphasized that the project will double Guyana’s installed electricity capacity, offering cleaner and more reliable energy.
Prime Minister Mark Phillips described the gas-to-energy initiative as the most transformative project in Guyana’s history. “This agreement declares trust in Guyana’s potential and our commitment to shaping a future defined by progress and opportunity,” Phillips stated. He noted that the project will modernize the country’s energy infrastructure, meet the demands of its growing economy, and reduce electricity costs by 50%.
Finance Minister Dr. Ashni Singh underscored the project’s role in advancing Guyana’s vision for sustainable development. “This single project will more than double our electricity generating capacity, improve energy reliability, and lower costs for consumers. It represents a crucial step in diversifying our economy and transitioning to cleaner energy,” Singh said.
The US$526 million loan, approved by EXIM Bank’s Board of Directors two weeks ago, supports a joint venture involving U.S. firms Lindsayca and CH4 Systems, as well as ExxonMobil. Currently, 85% of the 500 workers on-site are Guyanese, reflecting significant local involvement in the project’s development.
The signing ceremony followed discussions between EXIM Bank officials, including Reta Jo Lewis, President Irfaan Ali, and other Guyanese and U.S. representatives.
The gas-to-energy project is expected to redefine Guyana’s energy landscape, bolstering energy security and driving economic growth while laying the foundation for a sustainable and diversified future.
