Gov’t Secures Funding Boost for 80MW Renewable Energy Expansion

Minister of Climate Change, Environment, and Energy Thoriq Ibrahim announced that the Maldives has secured adequate financial support to enhance its renewable energy capacity by an additional 80MW. 

The announcement was made during an event where a contract was awarded for the installation of renewable energy systems across four atolls.

As part of the initiative, the Maldives has entered into an agreement with a China-based company for the deployment of solar power systems throughout islands in Kaafu Atoll, Alifu Alifu Atoll, Alifu Dhaalu Atoll, and Vaavu Atoll. With a budget of USD 16 million, sourced from funding provided by the Asian Development Bank (ADB) and the European Investment Bank (EIB), the project forms a crucial component of the Preparing Outer Islands for Sustainable Energy Development (POISED) initiative.

The formal agreement, signed by Minister Thoriq and Chairman Xiao Ping on behalf of China’s CMIC Sinosa Consortium, outlines plans for the installation of 5.88MW of solar power and 4.45MWh battery storage across 30 islands. The anticipated outcome of the project is an annual saving of USD 2.4 million in fuel expenses.

During the ceremony, Minister Thoriq highlighted the ministry’s commitment to achieving the government’s renewable energy target of 33% by 2028. To reach this goal, the development of 450MW of renewable energy is essential, and currently, the country has successfully installed 53MW. 

Minister Thoriq expressed optimism about accomplishing the target within the next 2-3 years, citing the secured funding for an additional 80MW. Furthermore, he emphasised the government’s intent to conduct research on wave and wind power generation.