With the natural advantages that the Caribbean possesses, President Dr Irfaan Ali, who is also the current Chairman of the Caribbean Community (CARICOM), recently made a call for the African Export Import Afreximbank to finance renewable energy projects and initiatives in the region.
President Ali was the main speaker at the recently held Afreximbank’s 31st annual meeting in Nassau, the Bahamas. During his address, President Ali spoke of the renewable energy potential in the region, as compared to continental Europe.
President Dr Irfaan Ali
“When you look at this region, you would notice that in renewable energy our region has the advantage of high sunshine radiation, with an average of 2,755 hours of sunshine per year. This offers an interesting opportunity, in solar energy. For a matter of fact, in this region.”
“With the measurement of wind intensity showing an annual average wind speed of more than eight meters per second in some territories. Compared with continental Europe wind farms, where the annual average wind speed is 5.5 meters per second. Those are advantages that we possess in this region,” President Ali further said.
He further noted the potential for African investors and the Afreximbank to finance these projects. President Ali made a specific pitch for financing so the region can become a major manufacturer of Electric Vehicles.
“Imagine, if Africa can come together, mobilise the capital and manufacture. We have the lowest environmental impact in the world. Imagine if we manufacture all the EV vehicles in the region with the lowest environmental impact. What marketing impact that would have?”
“You have the technology; you have the capital. Through
AFRI-EXIM bank, we will design this. And we can make the world understand that there must be a value in manufacturing EV’s in the lowest environmentally impacted region in the world,” President Ali said.
Guyana itself has upped imports of Electric Vehicles, along with various changes to policies. With more than 200 electric vehicles now on Guyana’s roadways, the Government of Guyana has implemented several policies and initiatives to further enhance low-carbon transportation.
Currently, electric vehicles, regardless of the power rating, attract zero rates of duty and taxes, and there is an increase in the write-down allowance applicable to all-electric vehicles to 50 percent annually, to support businesses that decide to invest in eco-friendly cars.
Additionally, there are six publicly accessible EV charging stations, and a total of 50 persons have been trained to service EVs. The continuous uptake of electric vehicles demonstrates the country’s gradual shift to eco-friendly transportation, and highlights the importance of fostering electromobility growth in Guyana.
In Guyana, efforts to advance renewable wind energy has been largely private. Under the PPP/C Government in 2022, the Environmental Protection Agency (EPA) had approved construction of a private, US$45M Hope Wind Farm Project.
The project was earmarked to be located on 27 acres of land leased from the state at Hope Beach (HB), and private leases at Chapman’s Grove (CHG), respectively some 28km and 30km southeast of the centre of Georgetown.
In 2023, Dr Frederick Sukhdeo, a consultant with Hope Wind Energy Incorporated, had stated that the project would be a publicly traded venture that would open up opportunities for anyone in Guyana to buy shares.
The PPP Administration has, however, made significant investments in solar energy as well as in hydropower. When it comes to hydropower, the Amaila Falls Hydropower Project (AFHP) has dominated local conversations for years, and despite setbacks, the current administration is still actively pursuing investments in that project.
Between 2020 and 2023, investments have also been increased in clean renewable energy. Some 173 per cent increase in installed solar PV capacity – from 5.3 megawatts to 14.6 megawatts – has been recorded throughout Guyana.
And for this year, work will commence on a 10-megawatt solar farm in Berbice, an eight-megawatt solar farm in Essequibo, and a 0.6-megawatt solar farm in Leguan. The Government would be spending $4.8 billion to finance these projects. (G3)
