Guyana’s clean energy sector is about to get a boost from local bank – Demerara Bank Limited (DBL) – which is now fully powered by solar PV at a cost of GYD$27.5m. The bank says it will offer a special eight percent interest rate for companies and businesses interested in installing similar technology. The 25,000 square foot Branch building was designed to enable the use of solar and was constructed at a cost of GYD$775 million.
DBL has installed 360 solar panels, with 25 years of warranty, 216 batteries and nine inverters, which can provide electricity for three days, in the absence of sunlight. This investment means that in three years, the Branch would have already paid for the cost of the installation. Mr. Dave believes that this places solar electricity within the reach of members of the private sector and even private citizens. He said, “One can realise how cheap the solar panel is… It is the cheapest source of energy on the earth, particularly in Guyana, where the electricity rates are comparatively high compared to other countries.”
To support the Guyanese push to clean energy, Chairman of the Board of Directors, Mr. Yesu Persaud announced that the Bank will support the development of ‘green’ energy in other companies or manufacturing plants in Guyana by providing a special rate of interest of eight percent. Mr. Persaud added that because of the savings the Bank will now accrue it will begin a programme of donating light-emitting diode (LED) lights to institutions in need, such as orphanages.
Expressing his pride on what the company has accomplished, he said, “It is not only that we have given solar power to Guyana but also we have shown the world that a small third world country and an unknown company can also do it.”
