The Minister of Environment, Climate Change and Environment Ms. Aminath Shauna has claimed the government expenditure on oil purchases will be greatly reduced before the end of current presidential term.
According to the minister, by the time President Ibrahim Mohamed Solih’s first presidential term concludes, the government will have managed to save over MVR225 million in oil purchases to the country.
Ms. Shauna’s remarks came following the signing of the Maldives government with World Bank of a new renewable energy initiative.
The government’s “Accelerating Sustainable Private Investment in Renewable Energy (ASPIRE), is the current administration’s answer to surging state expenditure to procure oil to generate power for public consumption.
This large-scale renewable energy initiative will have six of the most densely populated local islands in the country fitted with renewable energy plantations and systems; all with the capability of harnessing 11 Mega Watts of electricity.
“Right now, oil prices in the global market have inflated significantly. For a small nation like ours, investing on a renewable energy initiative at a time like this will ensure we remain prepared,” Ms. Shauna commented regarding the initiative.
Reportedly, the government initiated ASPIRE project will have the capacity of producing over 55.5 Mega Watts of solar powered electricity.
The government of Maldives has already contracted a joint-venture between Malaysia’s Mega-First Power Industries SDN and Power China Hua Dong Engineering Corporation for the renewable energy project.