Solar installation to save MVR 15-20m from fuel costs begins
Speaking on the occasion, World Bank Vice President Martin Raiser said that the Maldives is one of the worst sufferers of climate change.
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In order to save between MVR 15 million and MVR 20 million annually from the country's oil expenditure, the work of installing solar system panels on the link road connecting Hulhule and Hulhumale has officially begun on Wednesday.
As part of the World Bank-funded Accelerating Sustainable Private Investment in Renewable Energy (ASPIRE) project, Thailand's Encis Co Ltd was awarded the contract to set up a solar power generation system on the greater Male area link road in November 2020. Work on the framework for installing solar panels on the road under the project began two months ago and this Wednesday the work on installing panels in the same structure was inaugurated.
At a function held at the same stretch of the link road this Wednesday evening, a panel was installed and the inauguration was carried out by:
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Environment binister Aiminath Shauna
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Regional Vice President of the World Bank Martin Raiser who arrived in the Maldives on Wednesday
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World Bank's Country Manager for Maldives and Sri Lanka Chiyo Kanda
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STELCO Chairman Ibrahim Didi
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STELCO Managing Director Ahmed Shareef
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Top officials of Thailand's Encis Co
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HDC officials
Speaking on the occasion, World Bank Vice President Martin Raiser said that the Maldives is one of the worst sufferers of climate change and it is very important to shape the country's economy and development in an eco-friendly manner. To achieve this, he said, it is important to switch to renewable energy as quickly as possible.
"It's just the beginning. We are excited to work with the Maldives at the very beginning of our journey towards renewable energy," he said.
Shauna, too, stressed on the need to reduce fuel spending at the earliest. She said that while global oil prices are rising, the country's dependence on crude oil is adversely affecting the country's finances.
Project Summary:
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Solar panels are expected to be installed and power generation is expected to start by middle of next year
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The system is designed to be capable of capturing wind speeds of up to 115 km per hour
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5 MW solar power to be generated per day
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7.3 million power units to be generated annually
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The rate at which generated solar power is sold to STELCO is 10.09 cents per unit (MVR 1.681)
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Encis Co will maintain the system for 15 years, after which STELCO will take over the system
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MVR 15-20 million can be saved annually from fuel expenditure
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This will be the largest solar panel installation in the country so far
