The World Bank has stated that international investors are interested in renewable energy projects in the Maldives.
In a tweet, World Bank for South Asia Region Martin Raiser talked about the Accelerating Sustainable Private Investment in Renewable Energy (ASPIRE) initiative in the Maldives. He said the 5MW solar energy project will revolutionise the energy sector in the Maldives. He also said the project is attracting unprecedented interest from international investors and will reduce energy costs by 50% compared to diesel-generated power.
Ministry of Environment, Climate Change and Technology hired Thailand-based Ensys Company Limited for the project in 2020. The installation of the solar power system is financed by the World Bank under the ASPIRE initiative. As such, solar panels are being installed on the roofs of some buildings in Hulhumale' and a 5MW solar power system is being installed on the Hulhule’-Hulhumale’ link road. The project is the largest initiative in the Maldives under the second phase of ASPIRE. Ensys will also be tasked with maintaining the solar system.
The project will save about two million liters of diesel per year by generating solar power during the peak five hours of solar energy in the Maldives. The ministry has estimated it will reduce carbon emissions by 3.8 million tonnes. In addition, a total of 21 companies have expressed interest in setting up a 5MW solar power system on the link road under the second phase of ASPIRE. Ensys won the tender for the project by submitting the lowest price in addition to technical and financial capabilities through a competitive tender, according to the ministry.
Ensys has installed a steel structure in vacant spaces of the Hulhule’-Hulhumale’ link road. The solar power modules are expected to be installed on top of the structure and the panels will start generating electricity before the end of the second quarter of 2023.