UAE's Global South Utilities enters South America with Guyana power grid deal
Guyana Power and Light has signed a cooperation agreement with Global South Utilities, a power investor based in the United Arab Emirates. The deal marks the Gulf company's first entry into South America and covers power generation, renewable energy and smart-grid systems.
Guyana Power and Light has signed a cooperation agreement with Global South Utilities, a power investor based in the United Arab Emirates. The move marks the company's first entry into the South American market.
According to the Rio Times, the framework agreement covers power generation, renewable energy and smart-grid systems. Guyana has a rapidly growing economy following its offshore oil discoveries and needs infrastructure investment to meet rising electricity demand.
The deal is seen as part of Gulf capital's strategy to expand in emerging markets. The parties are expected to move next toward binding contracts and concrete project plans.
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