USA / GUYANA – The board of directors at the Export-Import Bank of the United States (EXIM) approved $527 million to the ministry of finance of the Cooperative Republic of Guyana to support a gas-to-energy project that will strengthen the country’s energy security by doubling the country’s installed electric capacity.
The financing from the December 26, 2024, transaction will aid the construction of a natural gas separation plant, a 300 MW combined cycle gas turbine power plant and services related to the gas supply pipeline near Guyana’s capital, Georgetown. This project will allow Guyana to transition to more reliable and cleaner energy for consumers and businesses by using natural gas-powered turbines to generate electricity. Without this gas-to-energy project, Guyana will continue to import fuel oil, one of the highest polluting fossil fuels, and be unable to decommission hundreds of less efficient local generators. This project will result in a reduction of more than 460,000 tonnes of carbon dioxide per year, the equivalent of consuming more than one billion barrels of oil.
“I am extremely pleased that the board of directors approved this strategically important energy project,” said president and chair Reta Jo Lewis. “Not only is EXIM continuing its support of US businesses small and large, but this project will support more than one thousand jobs across the country. 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 US joint venture involving Lindsayca, a Texas-based company, and CH4 Systems, a Puerto Rican small business, and services provided by ExxonMobil. The financing will also support more than one dozen US companies. This transaction is expected to support an estimated 1,500 jobs across eleven states and territories.
This project also falls under EXIM’s China and Transformational Exports Program (CTEP) mandate, as the numerous US companies that were ultimately awarded the contract faced direct competition from the People’s Republic of China.
Ambassador Nicole Theriot, said: “I am thrilled that the board has approved the financing for this groundbreaking project. By working with US 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 US and Guyanese companies can partner for the benefit of the Guyanese people.”
The Export-Import Bank of the United States (EXIM) is the nation’s official export credit agency with the mission of supporting American jobs by facilitating US exports. To advance American competitiveness and assist US businesses as they compete for global sales, EXIM offers financing including export credit insurance, working capital guarantees, loan guarantees, and direct loans. As an independent federal agency, EXIM contributes to US economic growth by supporting tens of thousands of jobs in exporting businesses and their supply chains across the United States.
