Guyana is poised for a monumental leap in its renewable energy journey, with plans to expand its solar energy capacity by an astounding 173% by 2025. This ambitious growth, highlighted in the Global Solar Power Market Forecast by IDTechEx, places Guyana at the forefront of nations rapidly adopting clean energy solutions.
Solar Energy Growth and Guyana solar capacity
Guyana is set to significantly expand its solar energy capacity, with a projected 173% increase in installed solar PV capacity. This surge will see the nation’s capacity grow from 5.3 megawatts to 14.6 megawatts. This growth positions Guyana among the fastest-growing solar energy markets, as highlighted in the Global Solar Power Market Forecast 2024-2044 by IDTechEx.
This expansion is not just a projection but is backed by concrete projects and significant government investment of approximately $4.8 billion. Key developments include a 10 MW solar farm in Berbice, an 8 MW farm in Essequibo, and a 0.6 MW farm in Leguan. These initiatives build on recent successes, such as the commissioning of a 1.5 MW solar farm in Bartica in 2023 and the ongoing work on a 0.65 MW farm in Mahdia.
The forecast, which anticipates the global solar module capacity to reach 1.8 TW by 2025, underscores the rapid expansion of solar power worldwide. Guyana is among several countries, including Bhutan, Central African Republic, and Haiti, expected to experience significant growth in solar PV installations. Despite starting from a relatively low base, these nations are poised to make substantial progress in renewable energy adoption.
Global Solar PV Expansion
Globally, the solar PV market is set to grow by 15% annually, driven by government incentives and a surge in solar PV installations. By 2025, solar PV is expected to account for approximately 10% of global electricity generation, a significant increase from 5% in 2022. This trend highlights a massive shift in the world’s energy landscape, with the global solar capacity hitting 597 GW in new additions in a single recent year.
The rapid growth of the solar PV market is attributed to the International Energy Agency’s (IEA) projections, which indicate that installed capacity will nearly triple between 2022 and 2028. For audiences in countries like Germany, long accustomed to the Energiewende (energy transition), the story of Guyana demonstrates how this movement has become truly universal. This growth is fueled by declining costs, improvements in the solar panel manufacturing process, and a rising global demand for clean energy solutions, contributing to a stunning global solar growth that pushed capacity toward 2.2 TW in 2024.
Guyana’s Renewable Energy Commitments
Guyana’s commitment to renewable energy is part of its broader strategy to reduce reliance on fossil fuels and lower energy costs for its citizens. A cornerstone of this strategy is the Solar Home Systems Project, which aims to install 30,000 solar home systems in remote hinterland regions. To date, over 26,000 panels have been distributed, with an additional 3,602 planned for 2025, providing clean energy access and reducing dependence on diesel generators. These efforts show how Guyana powers 37,000 homes with stunning impact, transforming lives in off-grid communities.
The project, involving a $7.2 million contract with local company Massy Energy Guyana Inc., is expected to save significantly on electricity costs and reduce carbon dioxide emissions by approximately 2,000 tonnes annually. Furthermore, the government’s Guyana solar investment will see 21 villages receive GYD 885M in solar power through the installation of solar PV mini-grids, which will power 285 public and community buildings. This initiative is a key part of Guyana’s efforts to achieve its renewable energy goals outlined in the Low Carbon Development Strategy (LCDS) 2030.
Future Prospects for Solar PV in Guyana
Guyana’s focus on renewable energy is reflected in its ambitious plans to expand solar PV capacity. The government aims to reduce electricity costs by 50% through a multi-pronged approach that includes large-scale solar farms, community mini-grids, and individual solar home systems.
These efforts align with Guyana’s commitment to achieving its renewable energy targets and contributing to global climate change mitigation efforts. As Guyana continues to invest in solar energy, it is poised to play a significant role in the global transition to renewable energy. Building this sustainable future will require a deeper understanding of the entire solar value chain, from the basics of solar panel manufacturing to the sourcing of essential solar panel raw materials.
The developments in Guyana are a powerful example of the global shift towards clean energy. To learn more about how you can be part of this energy revolution, from understanding the technology to exploring industry opportunities, explore our free e-course on solar energy.
