Maldives, ADB ink $75m renewable energy project
The Environment Ministry said the projects would save about 10 million liters of diesel annually.
By
Fathmath Ahmed Shareef
Maldives has signed a USD 75.5 million project agreement with the Asian Development Bank (ADB) to increase electricity generation using renewable energy sources.
The agreement, signed at a ceremony at the Ministry of Finance, is for the Accelerating Sustainable System Development Using Renewable Energy (ASSURE) project.
The Environment Ministry said the main activities to be implemented under the project are:
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Installation of 20 MW solar power systems in 20 islands under power purchasing agreements
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Installation of 44 MW solar battery energy storage system to strengthen grid stability in the islands where these systems will be installed
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A wind energy power generation system; This will be done in one island
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Piloting an electricity generation system using seawater
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Cost of procurement of three MW solar PV systems under the first phase of 'My Solar Programme'
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A community irrigation system and a community farming development program in one island using solar power to generate electricity
The Environment Ministry said the projects would save about 10 million liters of diesel annually and reduce emissions of 26,000 tonnes of toxic gases annually.
Speaking at the signing ceremony, Environment Minister Thorig Ibrahim said the project will help achieve the target of generating 33 percent of electricity from renewable sources, as announced by President Mohamed Muizzu at the 28th meeting of the Convention on Climate Change, COP28.
ADB Deputy Director General Cindy Malvicini signed the agreement on behalf of the company. Finance Minister Mohammed Shafeeg signed on behalf of Maldives.
The ceremony was attended by ADB officials, the Ambassador of Japan to Maldives, officials of the Japanese Embassy and officials of the Maldivian Government.
