Oil Exports Funding Guyana’s Renewable Energy Boom

Country Overview

The South American country of the Co‑Operative Republic Of Guyana (Guyana) is bordered by Brazil, Suriname, Venezuela, and the Atlantic Ocean. The population of Guyana is approximately 0.81 million people.

In 2022, Guyana’s economy was ranked 128th in the world in gross domestic product (GDP). The country’s economy is dependent on the export of crude oil, gold, rice, railway cargo containers, and aluminum ore,

Environmental Policies

In 2008, Guyana implemented the Low Carbon Development Strategy 2030, which was designed to provide solar plus battery storage facilities in rural areas without electricity.

In 2016, Guyana signed the Paris Climate Agreement, committing to reduce CO2 emissions up to 52 million tons by 2025.

Power Generation Capabilities

In 2020, 92.9 % of the people Guyana had access to electricity. In 2021, utilities used oil (88.6%) and renewable energy (11.4%) and to generate electricity in Guyana. Biomass and solar are the dominant types of renewable energy used to generate electricity in Guyana.

Recent renewable energy developments in Guyana include:

  • 165 MW Hydropower Project – The government of Guyana is tendering for the construction of the Amaila Falls hydropower project at a site on the Kuribrong River in west central Guyana.
  • 15 MW Solar + 22 MWh Energy Storage – Guyana Power & Light is tendering for a solar plus energy storage project at a site approximately 50 miles south of the nation’s capital, Georgetown.
  • 10 MW Solar Project – Guyana Power & Light is tendering for a solar project at a site in the western region of the country.
  • 8 MW Solar + 12 MWh Energy Storage – Guyana Power & Light  is tendering for a solar plus energy storage project at a site in the southern region of the country.
  • 5 MW Solar Project – In May 2022, Trinidadian company Farfan & Mendes commissioned a solar project at a site approximately 40 miles southwest of Georgetown.


In 2015, ExxonMobil made the first major oil discovery in Guyana. In 20221, Guyana was the 27th largest crude oil exporting country in the world.

The export of crude oil is now a major component in Guyana’s economy. In 2021, crude oil exports generated U.S. $3.54 Billion in revenue for Guyana.

On 24 February 2022, Russia invaded Ukraine, prompting the European Union, United Kingdom, United States, Canada, Japan, South Korea, Australia, and New Zealand to place economic sanctions on Russian imports and exports. As a result, the crude oil and natural gas prices increased by over 50% from May 2021 to May 2022.

Guyana has vast undeveloped renewable energy resources, including solar, hydropower, offshore wind, onshore wind, and biomass. Crude oil exports are funding Guyana’s boom in renewable energy projects.


Jack Kerfoot

Website – “Our Energy Conundrum”



Jack Kerfoot is a scientist, energy expert, and author of the book FUELING AMERICA, An Insider’s Journey and articles for The Hill, one of the largest independent political news sites in the United States. He has been interviewed on over 100 radio, podcast, and television stations from New York City to Los Angeles on a diverse range of energy issues.


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