The Cabinet on Thursday finalised the award for a US$759 million contract to build a power plant and natural gas facility that will cut electricity rates by half and produce cooking gas for national use and for export, Vice President Dr Bharrat Jagdeo announced on Friday.
Speaking at a press conference at the Presidential Complex in Georgetown, Mr Jagdeo said the winning bid by CH4 Global and Lindsayca originally came in at US$898 million but after components which were not catered for in the original scope of works were weeded out, the price came down.
He said the winning bid was the only one that presented a work schedule that would ensure the project comes on stream by December 2024.
So the Engineering, Procurement and Construction (EPC) contract for the 300-megawatt power plant at Wales will be awarded by the end of the year, Dr Jagdeo stated.
The government had previously stated that project generation costs, taking account of payment for the pipeline, operations and maintenance, and capital cost recovery, shall total less than five (5) US cents per kilowatt-hour.
Engineers India Ltd (EIL) has landed a US$22 million contract to supervise the construction of the project.
