Maldives Signs Agreement for 15 MW Solar Project in 13 Islands Under ARISE Initiative

The Maldives government has signed an agreement with Chinese firm Ceno Soya Hybrid Technology to install a 15-megawatt solar system across 13 islands. Under the public-private partnership model (DBFOOT), the company will finance, build, and operate the solar panels for 20 years before transferring ownership to the state. State Electric Company (STELCO) will purchase the electricity generated. The project, part of the World Bank-backed ARISE initiative, is expected to raise the country's total solar capacity to 34 megawatts and increase the share of renewable energy in the national grid to 24 percent. Officials say it will save 180 million rufiyaa annually in fuel costs and reduce diesel imports by 15 million liters per year. President Mohamed Muizzu's administration aims to generate 33 percent of the nation's electricity from renewable sources. The ARISE project, launched in 2021 with a budget of 107.4 million dollars (approximately 1.65 billion rufiyaa), also plans to install 36 megawatts of solar capacity and 40 megawatt-hours of battery storage across various islands. Earlier, a 10-megawatt floating solar project was announced for Addu City.