GuySuCo’s Skeldon power assets being sold for US$30m

GuySuCo is to sell its co-generation plant and three Wartsila power units at Skeldon to a state-owned company specially created for the purpose at a price of US$30 million.

The company, Skeldon Energy Incorporated (SEI) will be jointly owned by electricity utility, the Guyana Power and Light (GPL) and government holding company, National Industrial and Commercial Investments Limited (NICIL). Cabinet approved the sale as well as the Power Purchase Agreement (PPA) between GPL and GuySuCo, officials announced at a press conference at the National Communications Network yesterday. SEI will be managed by Finnish company Wartsila (Guyana) Inc.

Head of NICIL Winston Brassington told reporters that Wartsila assumed management of the energy assets yesterday. According to a press statement issued, SEI will be funded with equity financing of US$5M from NICIL and US$4M from GPL and US$21M in debt financing from GPL and