Guyana seeks new investors for hydropower project

AP News
Posted: Aug 13, 2013 11:54 AM

GEORGETOWN, Guyana (AP) — Guyana is seeking new foreign investors to help build a hydropower project after a key U.S. partner pulled out when opposition legislators voted against providing extra funding.

President Donald Ramotar says he will keep pursuing a project expected to end 40 years of rolling blackouts, generate 170 megawatts and provide cheaper and cleaner electricity, especially in jungle communities.

Ramotar's announcement late Monday came as opposition legislators said they will continue to oppose the project until the government justifies its costs and shares engineering designs.

New York-based Sithe Global has said it pulled out because the $840 million project did not receive unanimous support. The company noted that it worked on the project for 16 years and spent more than $16 million, in addition to $15 million that the government spent.