In a pivotal move towards sustainable energy initiatives, the Special Economic Zones (SEZ) Board of Investment (BoI) has issued its inaugural permit under Article 29(c) of the SEZ Act.

This milestone permit signifies the green light for a groundbreaking solar project set to transform the Maldives' energy landscape.

The project, proposed by Canadian firm Abraxas Power Corp in collaboration with Sungrow Power Supply Co. Ltd, aims to establish a 150MW floating Photo Voltaic (PV) power plant in the Greater Male' Region.

This ambitious venture seeks to bolster the country's renewable energy capacity and reduce dependence on conventional power sources.

In an official statement released by the Ministry of Economic Development and Trade today, it was revealed that the project will be paired with a cutting-edge Li-On battery system and an advanced energy management system. Additionally, investments will be made for interconnection to the main power grid, ensuring seamless integration and distribution of clean energy.

The issuance of the Initial Permit by the SEZ BoI marks a significant step forward in realizing President Dr. Mohamed Muizzu's commitment to meeting 33 percent of the country's electricity demand through renewable sources by 2028.

This strategic alignment underscores the government's proactive stance towards sustainability and environmental stewardship.

Under the terms of the Initial Permit, the SEZ BoI has granted approval for further studies and assessments outlined in the SEZ Law.

Negotiations will also commence with the applicant regarding the commercial terms and detailed scope of the project.

The government views this solar project as a strategic asset for the Maldives, heralding a shift towards cleaner, more sustainable energy solutions.

Beyond environmental benefits, the initiative is poised to generate foreign currency savings by reducing fossil fuel expenditures.

Moreover, it promises long-term energy pricing stability and efficiency, positioning the Maldives as a leader in renewable energy innovation.

As the project progresses, it is expected to create new opportunities for economic growth, job creation, and technological advancement.

With the issuance of the Initial Permit, the wheels are now in motion for the realization of a brighter, greener future for the Maldives.