Government of the Maldives has issued its first-ever Initial Permit under the Special Economic Zones (SEZ) Act, paving the way for a transformative solar project. Endorsed during a meeting with the Board of Investment (BoI), this milestone signals a strategic shift towards renewable energy solutions in the island nation.
The approved project, entrusted to Canadian company Abraxes Power Corp and Sungrow Power Supply Co. Ltd., aims to develop a 150MW floating Photo Voltaic power plant and bolster civil and electrical infrastructure in the Greater Male' Region. Additionally, plans include establishing a Li-ion battery system and an energy management platform, with investments allocated for seamless integration into the main electricity grid.
The issuance of the Initial Permit signifies a crucial step, enabling the BoI to conduct necessary research and assessments as mandated by the SEZ Act. Moreover, it facilitates the initiation of discussions and negotiations on commercial terms and project scope.
This initiative aligns with President Dr. Mohamed Muizzu's ambitious vision to transition from conventional to renewable energy sources. Addressing the High-Level Segment of the Twenty-Eighth Session of the Conference of the Parties of the United Nations Framework Convention on Climate Change (COP28) in Dubai, UAE, President Dr. Muizzu reiterated the Maldives' commitment to developing renewable energy systems by 2028. Despite current limitations, with only 4% of required electricity generated from renewable sources, the government aims to significantly increase this figure to 33%.
At COP28, President Dr. Muizzu emphasized the urgent need to address the climate funding deficit and underscored the importance of adopting sustainable solutions supported by the latest scientific advancements. The Maldives' proactive stance highlights its dedication to combatting climate change and fostering a greener, more resilient future.