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– to get financial compensationSynergy Holdings Incorporated sold or transferred its licence to build a hydroelectric power plant in Guyana to the current developer Sithe Global, a senior official revealed yesterday.“I believe we acquired the licence from Synergy Holdings,” said James McGowan, Senior Vice President (Development) at Sithe Global which is in Guyana for a round of consultations that would help finalise an Environmental and Social Impact Assessment (ESIA) and close financing for the project.“Sithe Global and its affiliate Amaila Falls Holdings have since acquired 100 per cent interest of the project from Synergy,” McGowan said at Hotel Tower yesterday when he spoke with journalists and other interested parties.James McGowan, Senior Vice President (Development) at Sithe Global“Synergy is entitled under the agreement of the transfer of that asset to financial compensation upon successful completion of the project,” he added.McGowan said Synergy was the developer of the project early on and helped get the project off the ground.Synergy Holdings Inc. was first listed as the developer to design, build, own and operate a hydroelectric plant in Guyana.In 2002, Synergy Holdings and Harza International were granted a licence by the Government of Guyana under the Hydro-Electricity Act for the development of a hydroelectric plant at Amaila Falls.The licence was reportedly amended and extended in 2004 when Harza pulled out leaving Synergy as the sole licensee. The licence was again extended in 2006.Synergy Holdings has since been granted a US$15.4 million contract to build the access roads to the proposed site for the hydropower plant.The Amaila Hydropower Project is a planned hydroelectric project (approximately 165MW capacity) to be located in western Guyana.The project also includes a new 270 km transmission line and new substations near Georgetown.Currently, nearly all electric generation in Guyana is provided through small units burning either diesel or heavy fuel oil.The planned Amaila Project is touted as a substitute for the expensive generation facilities.The developers say it would not only provide a clean renewable energy source, but also represent important foreign exchange savings for the country by reducing Guyana’s dependence on expensive imported fuels. This year, the Guyana Power and Light will spend US$100 million on fuel for the company.“The reliable and more economic source of electricity would also encourage investors to assess possible investments in the mining sector in Guyana, which has often been identified as having substantial potential,Wholesale Jerseys,” Sithe Global says.