$175 million sustainable township planned for Thaa Atoll

Blue Synergy Investments and London-based Emerald Corporates have signed an agreement to develop a US$175 million sustainable township in Thaa Atoll.

Named the Thaa Island Cluster Sustainable Township, the project aims to support the development of the blue economy through a multi-island programme focused on renewable energy, tourism and mariculture.

According to the developers, the project will include solar power and energy storage systems, ocean energy pilot programmes and eco-resorts.

The development will also establish a mariculture industry to cultivate and export grouper, sea cucumber and seagrass.

The project is being financed and guided by Dr Sailesh Lachu Hiranandani, Chairman of the Emerald Group.

Operations in the Maldives will be led by Mohamed Fayaz, Managing Director of Blue Synergy Investments and a former Deputy Commissioner of Police.

"The true architect of this partnership is the visionary leadership of Dr Sailesh Lachu Hiranandani," Fayaz said. "His unique expertise in bridging international investments with eco-conscious infrastructure laid the vital foundation required to launch an initiative of this magnitude."

Fayaz said the project is intended to serve as a model for island communities powered by renewable energy, adding that it is expected to contribute to economic activity and employment in the Maldives.

He also said Sanjay Shravan played a role in establishing the partnership, while Mahendra Joshi is supporting the project's operational implementation.

According to the developers, the project will also involve Indian manufacturing and supply chains, with marine solar systems, smart grid technology and engineering services expected to be sourced from India.

A commencement date for construction has not been announced.