Maldives to embark on its first-ever SEZ project
The project entails the installation of large-scale solar panels, with an estimated investment totaling MVR 1.6 billion.
The President's Office
The Ministry of Economic Development and Trade in the Maldives has recently unveiled a groundbreaking initiative aimed at fostering development and sustainability within the nation. This milestone marks the inception of the first-ever project to be developed under the Special Economic Zone (SEZ) Act, signaling a pivotal moment in the country's economic landscape. The Board of Investment has granted initial approval for the project to proceed, heralding a new era of progress for the Maldives.
Assigned to spearhead this transformative initiative is Abraxas Power Corporation, a distinguished Canadian firm, in collaboration with Sungrow Power Supply Co. Ltd. as the technical partner. The project entails the installation of large-scale solar panels, with an estimated investment totaling MVR 1.6 billion. Set in the Greater Male' area, this ambitious undertaking will witness the deployment of floating solar panels designed to generate an impressive 150 megawatts of electricity.
The Project submission is further aligned with the commitment made by Maldives’ President Dr. Mohamed Muizzu during the recent COP28 summit to generate at least 33% of the Maldives’ energy needs through renewable sources within the next five years. The Project alone has the potential to fulfill the President’s commitment, making Dr. Muizzu possibly the first global leader to achieve their COP28 pledge, setting an international standard for expediency in achieving COP28 commitments
Beyond the mere installation of solar infrastructure, the project encompasses a comprehensive approach to sustainable energy management. In addition to the deployment of solar panels, the initiative includes the establishment of a cutting-edge li-ion battery system and Energy Management System. These complementary components will work in tandem to optimize energy production and distribution, further enhancing the efficacy and reliability of the renewable energy infrastructure.
This pioneering venture signifies a significant stride towards advancing clean energy production in the Maldives. By harnessing the abundant solar resources available in the region, the nation is poised to reduce its reliance on traditional fossil fuels while mitigating the environmental impact of energy generation. In light of the global imperative to combat climate change and transition towards renewable energy sources, initiatives such as this is a major step forward for a nation such as the Maldives, which has been committing to clean energy and sustainability in recent years.
