The Board of Directors at the Export-Import Bank of the United States (EXIM) has given final approval of a US$526 million loan to Guyana to support a gas-to-energy project. 

The financing 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. 

According to a US Embassy statement, the 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.   

 In a statement, the President and Chair of the US EXIM Bank, Reta Jo Lewis said “I am extremely pleased that the Board of Directors approved today’s Gas-to-Energy Project,”, adding that “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 with 85% of the 500 employees currently supporting this project on site being Guyanese.  

US Ambassador to Guyana, Nicole Theriot said she is thrilled that the Board has approved the financing for the groundbreaking project.  She said “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.”   

The loan agreement was partially approved more than a month ago but had to undergo a process that saw it being placed before the US Congress.

The Government of Guyana has welcomed the approval of the loan.

Related posts:

Guyana’s loan request to US ExIm Bank could take months for full approval following US Elections -AFC US ExIm Bank approves US$500 Million loan for Guyana Gas-to-Energy project -says VP Jagdeo Guyana closer to getting approval for US$646M US EXIM Bank loan -says VP Jagdeo GCCI lobbies US ExIm Bank to approve US$660 Million loan to Guyana for gas to energy project