The first ‘Go Ahead’ nod under the Special Economic Zone (SEZ) Act has been provided to the development of a floating solar panel system in the Greater Male’ region.
The initiative was approved during Ministry of Economic Development and Trade’s Board of Investment’s third meeting, held on Wednesday, April 24th, 2024.
According to the ministry, the project was awarded to Canada’s Abraxas Power Corp, which will execute the initiative in partnership with Sungrow Power Supply Co Limited. Under the initiative, a 150-megawatt floating photovoltaic (PV) power plant and supporting infrastructure would be developed.
Moreover, the ministry said additional finance will be needed when the initiative is eventually linked with the interconnected power grid of the Greater Male’ region.
The renewable initiative is aligned with Maldives President Dr. Mohamed Muizzu’s vision of expanding renewable energy share to 33% by 2028.