SEZ solar project to begin in November

Economic minister Mohamed Saeed said on Tuesday evening that work on the solar power generation project, which has been approved under the Special Economic Zone (SEZ), will begin in November.

The first investment permit issued under the SEZ was issued on April 24 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 Sungrow Power Supply Co. Ltd.

Speaking on PSM on Tuesday, Saeed said all the work required to start the 'Solar City' project has now been completed.

With this project, Maldives will save a large part of the cost of importing fuel, he said.

"One of the biggest drivers of Maldives' foreign exchange is the cost of fuel. The cost of importing fuel from abroad. The government spends USD 500-700 a year to buy fuel to generate electricity," he said.

With the solar city project, he said, a large part of the cost of fuel will be reduced.

"All the work that needs to be done on the project is now completed. Whether it's a commercial contract or a technical contract. All the environmental work that needs to be done in connection with it is completed as well," he said.

The minister said the work would be licensed in October and would start in November. The project will be completed within three years and will generate 100 MW of solar electricity, he said.