The In-house Solar Programme by Fenaka Corporation Limited, aimed at revolutionising energy production across the country, is set to yield significant financial and environmental benefits, the utility provider has said.
According to Fenaka, the initiative is expected to save approximately USD 1.29 million annually through reduced diesel consumption. By installing solar panels on the rooftops of its powerhouses and office buildings, the company is making a substantial shift toward sustainable energy.
In the past year alone, Fenaka has installed 2,298 kilowatts of solar panels and increased battery storage capacity to 7,005 kW, it said. The project plans to install a total of 5.2 megawatts of solar capacity, covering all islands under Fenaka's jurisdiction, with a budget of around USD 5.97 million.
"The project is expected to save approximately 2.6 million litres of diesel annually, translating to a financial saving of MVR 19.9 million [approximately USD 1.29 million] per year," the company stated.
The solar systems will vary in size, with installations of 18 to 30 kW of grid-tied solar power planned. The project is scheduled to commence early next year and is a key part of Fenaka's broader renewable energy strategy.
This strategy includes not only the installation of solar systems but also significant efforts to expand its renewable energy portfolio, it said. Fenaka is collaborating with the Ministry of Environment, Climate Change, and Technology, and the Asian Development Bank (ADB) through the 'POISED Project' to enhance solar energy capacity in various islands of the country.
Over the past year, Fenaka has successfully installed solar power on buildings in 12 islands. Additionally, a total of 14 MW of solar systems have been deployed and are now operational across the islands served by Fenaka under different projects, according to the company.
These initiatives are in line with the government's goals to increase renewable energy usage, rapidly grow the country's energy sector, and promote eco-friendly electricity generation. They also support the nation's commitment to achieving the Sustainable Development Goals (SDGs).
In a related effort, Fenaka is working with the environment ministry to provide 3 MW of photovoltaic (PV) systems to local households as part of its Magey Solar programme. This programme aims to harness solar energy by installing PV systems on the rooftops of private homes. It is part of the government's broader strategy to achieve 33% renewable energy consumption by 2028, significantly reducing reliance on imported fossil fuels.