The Asian Development Bank (ADB) has approved a financing package of USD50.5 million to expand renewably energy development in the Maldives.<\/p>\n
ADB said the package consists of USD41.5 million from the Asian Development Fund (ADF), a USD8.5 million concessional loan from ordinary capital resources and a USD500,000 grant from the Climate Change Fund.<\/p>\n
ADF provides grants to ADB’s most vulnerable developing member countries, of which the Maldives is also listed especially following the Covid-19 pandemic-led economic impact.<\/p>\n
“ADB has been assisting the Government of Maldives in its efforts toward energy transition and achieving its vision for the energy sector, anchored on three pillars: renewable energy, technology innovation, and energy efficiency,” said ADB Senior Energy Special Jaimes Kolantharaj.<\/p>\n
“This project directly supports energy transition by facilitating the shift away from diesel-based generation and supports the three pillars to help the country move toward a climate- and disaster-resilient clean energy source while ensuring its energy security.”<\/p>\n
Under the package, ADB will support the installation of grid-scale energy storage, energy management systems, and distribution grid upgrades in 20 outer islands. This will attract private sector investments to establish rooftop, land, and floating solar photovoltaic facilities.<\/p>\n
ADB will also provide transaction advisory support to develop public-private partnerships for solar independent power producer (IPP) projects.<\/p>\n
The project backed by ADB aims to boost clean energy in the Asia-Pacific region.<\/p>\n
It plans to introduce financial tools to ensure timely payments and incentivizes solar power projects. Innovative technologies like floating solar panels and ocean energy devices will be deployed, with a focus on gender inclusivity by supporting women in renewable energy jobs.<\/p>\n
Institutions will receive capacity-building support, and co-financing of USD48 million will supplement the Maldives government’s USD1.97 million contribution.<\/p>\n","protected":false},"excerpt":{"rendered":"
The Asian Development Bank (ADB) has approved a financing package of USD50.5 million to expand renewably energy development in the Maldives. ADB said the package consists of USD41.5 million from the Asian Development Fund (ADF), a USD8.5 million concessional loan from ordinary capital resources and a USD500,000 grant from the Climate Change Fund. ADF provides<\/p>\n","protected":false},"author":4,"featured_media":6877,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2423],"tags":[131,132,1791,1792,1793,1926],"class_list":{"0":"post-6876","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business","8":"tag-asian-development-bank-adb","9":"tag-asian-development-fund-adf","10":"tag-renewable-energy","11":"tag-renewable-energy-maldives","12":"tag-renewable-energy-resources","13":"tag-solar-power"},"yoast_head":"\n