Maldives approves mega solar project as first SEZ investment
The permit was granted to a joint venture between Canadian company Abraxas Power Corp. and Chinese company Sungrow Power Supply Co. Ltd.
By
Ahmed Naif
The Special Economic Zone (SEZ) Board on Wednesday issued permission for its first project.
The Investment Board under the Ministry of Economic Affairs said in a statement on Wednesday:
-
The first investment permit issued under the SEZ was issued on Wednesday for the construction of a 150 MW solar power plant in the Male area
-
The permit was granted to a joint venture between Canadian company Abraxas Power Corp. and Chinese company Sungrow Power Supply Co. Ltd.
-
Under the permit, the project will conduct feasibility analyzes and then sign an agreement to submit a proposal for the project
The Ministry of Economic Affairs said the project will reduce the huge cost of oil for energy generation in Maldives. The project will also include a battery system to store electricity generated from renewable energy and the necessary facilities to connect the electricity to the main electricity grid.
The project kicks off the country’s goal of converting 33% of its electricity consumption to renewable sources as announced by President Mohammed Muizzu at COP-28 in Dubai last November. The President has sought USD 600 million in foreign investment for the project.
