Sithe Global and China Railway First Group (CRFG) have signed an engineering procurement and construction agreement (EPC) to develop the Amaila Falls Hydro project and Transmission Line in Guyana.
The contract, signed in Xian, China, is worth $506m and is the largest infrastructure contract in Guyana.
Guyana Finance Minister Dr. Ashni Singh said the project will allow the country to shift from costly fossil fuels to renewable energy.
"We are delighted to have such credible partners recognize the importance of the project and be ready to invest private capital in Guyana," Singh added.
Sithe Global, a Blackstone Group company, will implement the project with assistance from the China Development Bank.
The $840m Amaila Falls Hydro project is expected to begin operations by June 2013