Floating Solar Project in Greater Male’ Region Receives First SEZ Approval

The Maldives has approved a floating solar project in the Greater Male region, marking the first project approved under the Special Economic Zone (SEZ) Act.

The project, endorsed by the Ministry of Economic Development and Trade’s Board of Investment at a meeting on Wednesday, will be a collaboration between Canada’s Abraxas Power Corp and Sungrow Power Supply Co Limited.

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At the core of this initiative is the establishment of a 150-megawatt floating photovoltaic (PV) power plant accompanied by essential infrastructure developments. Additionally, further investments will be directed towards seamlessly integrating the project into the primary electrical grid serving the Greater Male region.

This move aligns with the government’s overarching vision for sustainable development.

The approval follows recent adjustments in policy, including the reduction of the minimum project value required for SEZ initiatives, announced in December 2023. This policy shift aims to enhance the investment climate and foster economic growth in the Maldives.

Since its inception in 2015, the SEZ Act has been instrumental in driving economic development and attracting foreign investment.