By Abbas Nazil
Guyana is leveraging its growing oil revenues to invest in renewable energy projects as part of a strategy to achieve 80 percent renewable electricity in the national grid by 2040.
The South American nation, which discovered significant offshore oil reserves around a decade ago, has seen rapid growth in its oil sector, attracting investment from international oil companies.
Rather than relying solely on fossil fuel income, the Guyanese government is reinvesting earnings from oil production into solar, hydro, wind, and biomass projects to diversify the energy mix and strengthen energy security.
The United Nations, through initiatives like the Just Energy Transition Seed Funding, is supporting Guyana’s green transition. This program provides funding, technical assistance, and workforce training aimed at expanding renewable energy capacity, promoting sustainable mobility, and ensuring equitable participation in the energy transition.
As part of the initiative, three solar-powered electric vehicle charging stations are being developed, alongside a technical training program to equip local youth, women, and marginalized groups with specialized renewable energy skills.
President Mohamed Irfaan Ali emphasized that Guyana’s oil wealth is being strategically used to finance energy transition, build resilient infrastructure, and preserve forests that store significant carbon.
The government has launched off-grid solar projects to provide electricity to remote hinterland and riverine communities, with a goal of installing 30,000 solar photovoltaic home energy units.
Several solar and hydropower projects have been commissioned, including a 0.6 MW grid-forming solar farm on Leguan Island with a 1.2 MWh battery storage system and a 1.5 MW hydropower plant in Lethem, expanding energy access and reliability for rural populations.
Additionally, the Indian green energy firm Oriana Power Limited has been approved to develop a 3 MW grid-tied solar PV system at Cheddi Jagan International Airport, with completion expected within three years.
Prime Minister Mark Phillips highlighted that since 2020, Guyana has delivered 14.5 MW of renewable energy through solar and hydropower projects, demonstrating a firm commitment to building a low-emission energy grid.
