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Indian EXIM Bank approves US$2.5M loan for solar project at CJIA

Jul 10, 2024 News

– project to supply 80% of airport’s energy needs

Kaieteur News – A  US$2.5M line of credit has been made available to the Government of Guyana (GoG) by the Export-Import Bank of India (Exim Bank) to facilitate the construction of a solar photovoltaic (PV) power plant at the Cheddi Jagan International Airport (CJIA).

The agreement was signed on February 29 of this year, but took effect on June 24.

The line of credit will be supported by the Government of India, and will allow the Government of Guyana to access funds, as well as goods and services from the South Asian superpower.

According to the Reserve Bank of India (RBI), the terms of the agreement state that “goods, works and services of the value of at least 75 per cent of the contract price shall be supplied by the seller from India, and the remaining 25 per cent of goods and services may be procured by the seller for the purpose of the eligible contract from outside India.”

The proposed solar plant project, which is yet to be tendered, will provide support for the energy requirements of the CJIA and aid sustainability efforts.

“The 3 megawatt solar photovoltaic (PV) project, when it starts operation, can supply about 4.5 million units of electricity annually, which is about 80 per cent of the annual electricity consumption of CJIA. The proposed solar PV power project has the potential of mitigating around 72,000 Metric tonnes of CO2eq over its lifetime operation,” said Guyana Energy Agency CEO, Mahender Sharma.

The RBI statement said that the last date for funds to be withdrawn from the line of credit is 48 months after the scheduled completion date of the project. According to Sharma, the project is expected to be completed in 24 months.

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