Sithe Global Power, the leading financial group for the Amaila Falls Hydropower project, has up to next month to state its categorical position about the possibilities of the project coming on stream.
The project has been on the drawing board for many years. According to the Government Informa-tion Agency (GINA), President Bharrat Jagdeo, while reiterating his determination to build a hydropower facility in Guyana, stated that if the decision made by Sithe Global is not favourable to the Government of Guyana, intervention will become necessary even if it requires direct investment by the administration. The work of the company was halted as a result of the difficulties from the global economic and financial crisis, the release stated. The President was speaking at a cabinet outreach on Saturday at the Liliendaal convention centre.
Two months ago the President had stated, at a forum at the University of Guyana, that ‘final studies’ on the project would have been completed this month. He recalled, at the time, that the bid for the project was US$600M, stating that this probably would have been reduced because of the lower cost of steel and other materials.
Phase 1 of the Kuribrong River (Region Seven) Project, which is being developed by Synergy Holdings, involves the installation of 154 MW capacities, the installation of 278km of double-circuit 230KV lines and the construction of 85 km of new access roads. The project involves the construction of two dams built on top of an escarpment and the construction of a tunnel to convey water to the powerhouse.
In Phase 11 of the project, the power capacity will be upgraded to 410MW while in Phase 111, it will reach a further 1060 MW; these two phases of the project may require exporting power to neighbouring Brazil.
Last September, Christopher Kelly of Sithe Global, had stated at a forum, that the project was basically a BOOT (build, operate, own and transfer) project meaning that it would be constructed essentially with private funding and twenty years after going into commercial operation, it would become the property of the state. Makeshwar Fip Motilall of Synergy Holdings stated at the forum that over 1000 jobs would be created over a three year period, with 50-100 jobs going to persons to man the operations of the project.
I remember when this proposed project was met with fanfare and hoopla by PPPites as a sign of progress, now Jagdeo is giving the investors an ultimatum/deadline?
When I read this statement, I felt heartened. However,I did a qucik review of my archives and found several other similar promises in 2008 and 2007. So what should one derive from this?
I will gave the President the benefit of the doubt here since my only objective is to lobby for the completion of this hydropower facility. This facility will have a clear and direct impact on Guyana’s development. For me that is all that matters -sensible and sustainable development for Guyana so all and sundry can evolve in an economic favourable manner.
You nailed it Sase more lip service from the Commandeer in Chief.
its time mr president, this is our life line to the future. cheap, clean and a reliable source of our energy.
sell bonds if you have to, i’m a hundred percent in favor of this and a dream of jagan since in the 1950’s.
Oui. Une Rêve Nocturnale.
Terrible news for you freespeech you aint gonna realize this dream with PPP there. Just look at their impressive record the past 17 years. hehehehehee
WELL I WONDER WHAT EVER HAPPENED TO ALL THE BONDS/MONEY THAT WAS SOLD BY THE PREVIOUS ADMIN.??????????????????
Samaroo your record stick my friend,,, This is the vision of your AFC and you,,,This is clear indication that the AFC is not far from the PNC, Let us assume that the PNC and the PPP has both failed, up comes the visionless AFC as it is perceived by most Guyanese, what are your policies to convince the ordinary voter to vote AFC,,, Your two Criminal Lawyers must start their Campaign now and not wait around for last moment like Winston Murray to contest for PNC leadership…Both of these parties are in the same boat with a cack eye captain…You can use the 17 years of progress to start with…
Soldier go and tell this family whose record stick and tell them how great your PPP is…
http://www.stabroeknews.com/2009/news/local/08/12/two-die-in-boat-crash/
…freespeech ,, i hate to rain on ur parade an that of Sase all de way in de “queens englind” but ,, Dr.J’s dream will have to remain dat….. a dream !
selling power from the hydro to brazil ????????????????????????????
brazil have more dams than any other country on de planet ,, an the President is making plans to sell dem power ???????????????????????
ok ,,,, den since it’s in de cards to sell power to brazil ,,,,, why not then buy power from brazil from the BALBINA DAM which is a few hundred kms from Konashen and save us the environmental disaster waitin to happen along with the 600 million USD ,,, which could be intelligently used for human development in all spheres of development for de GUYANESE people !……
which ever bank or lendin institution they plan to raise this money from ,, will be me dem an de bank at de negotiations !…..
dis is all am sayin !…..
One wonders why this business entitiy is having delays. It seems that this is an excellent climate for such an investment.
The prices for the main materials, such as metals, have dropped because of the present economice climate in the world. This means that the cost to construct the hydro would be less than what was budgeted.
At the same time there is major focus on development of alternative energy sources such as hydro electricity. This means that the electricity utilization would be guaranteed. Also, financing should be available because of the alternative energy model.
So what really is preventing this project from getting underway? Are we getting the real facts about this project? Something seems amiss.
The govt should stop waiting on outside help from financial institutions, and finance it by gog and stop wasting precious time, jobs needs to be created for the guyanese people, show some leadership mr. prez and do for self.
How many more deadlines are you going to impose on this project Jagdeo? Don’t you get it? No one is listening to you anymore.
200 Million US dollars from selling off state assets where that money gone?
700 Million GY a year on propaganda
3 Billion in lotto funds every year what is it being spent on?
This govt wasting money they have all these funds but they cannot get a hydro or wind project going?
Bond from Govt of Guyana? Please ask CITIZEN Bank about the Linmine bond issued by Govt. of Guyana.
I do not trust Govt. of Guyana. Look their estimate on Skeldon Sugar factory. Original cost was less then 100 Milion US dollars. Now project completed at 180 Million US dollars. Very impressive record.
Well put swami I would also add ask Jagdoe the commandeer in chief what were the returns from the loan to buddys to build hotel?
I think it was hotel rooms for govt officials and 2 eggball. This probably goes down in guiness book of world records as the worst financial transaction ever made!
B. SAMAROO IN EVERY DEPARTMENT THEY DO HAVE WIND PROJECTS THAT ONLY
BLOWS AWAY MONEY TO GDF TO FIGHT WAR WITH WHO NOBODY KNOWS AND TO GPF TO RIP HONEST POOR PEOPLE.