Maldives Signs Agreements for Largest Solar PV Project: 15 MW Under ARAISE Initiative

The Ministry of Climate Change, Environment and Energy has signed agreements to install a 15-megawatt solar photovoltaic (PV) system under the 'Accelerating Renewable Energy Integration and Sustainable Energy' (ARAISE) project. This is the largest solar PV project ever undertaken in the Maldives. The project will be executed in two lots: Lot 1 covers six islands in L. Atoll with a total capacity of 2 MW, while Lot 2 covers regional centres with 13 MW. The Power Purchase Agreement was signed between Sinaso Hybrid Technology and STELCO, while the Implementation Agreement was signed between Sinaso and the Ministry. The project will be developed on a 'Design, Build, Finance, Own, Operate and Transfer' (DBFOOT) basis over 20 years, with financial and technical support from the World Bank, the Climate Technology Fund, the Asian Infrastructure Investment Bank, and the Multilateral Investment Guarantee Agency. Once completed, it is expected to save 15 million litres of diesel annually, cutting fuel costs by MVR 180 million per year. Combined with other renewable projects, total solar capacity in the Maldives will reach 34 MW, representing 30% of the country's 110 MW renewable energy target by 2025. The initiative aligns with President Dr Mohamed Muizzu's national goal of transitioning 33% of the country's energy to renewable sources.