The Maldives has signed a project agreement with the Asian Development Bank (ADB) valued at USD75.5 million. The agreement is for the Accelerating Sustainable System Development Using Renewable Energy (ASSURE) project, which aims to boost electricity generation through renewable energy systems.
The agreement was signed by the Minister of Finance Dr. Mohamed Shafeeq and Deputy Director General of ADB Cindy Malvicini at a ceremony held at the finance ministry.
During the ceremony, Minister of Climate Change, Environment, and Energy Thoriq Ibrahim said that the project aligns with President Dr. Mohamed Muizzu's commitment to generate 33% of electricity from renewable sources, as announced at the 28th Session of the Conference of the Parties to the United Nations Framework Convention on Climate Change (COP28). He also extended gratitude to all contributors who provided financial support to the projects under the signed agreement and specifically thanked the ADB and the Government of Japan for their consistent assistance in the development of the Maldives.
The ASSURE project involves various key activities, such as the installation of 20MW solar power systems across 20 islands through power purchasing agreements. A 44MW solar battery energy storage system will be set up to enhance grid stability in the designated islands. In addition, a wind energy power generation system is slated for installation on one island, while another island will pilot a seawater power generation system.
Under the project, the initial phase of the My Solar Programme will focus on procuring 3MW solar Photovoltaic (PV) systems. It will also involve the implementation of a community irrigation system and a community farming development programme on one island to generate electricity using solar power. The overall impact of the initiatives is estimated to save approximately 10 million liters of diesel annually and reduce emissions by 26,000 tonnes of toxic gases each year.
The ceremony was attended by ADB officials, the Ambassador of Japan to the Maldives Takeuchi Midori, officials from the Embassy of Japan in the Maldives, and representatives of the Maldivian Government.