ASPIRE initiative to cut down oil expenditure of Maldives state

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The Minister of Environment, Climate Change and Technology Ms. Aminath Shauna has claimed the government expenditure on oil procurement for energy will be significantly cut down before the end of current presidential term.

According to the minister, the state expenditure on oil purchase will be brought down by MVR225 million by the end of 2023.

Minister Shauna made the remarks after signing with World Bank to commence the renewable energy initiative.

Under the initiative, six of the most densely populated islands will have solar energy systems installed with the capability of harnessing over 11 Mega Watts of electricity.

Moreover, the minister stressed that the solar power plants will have the capacity of generating 18 million units of electricity in annual terms, which is estimated to cut down MVR4.8 million of oil purchases per annum.

Furthermore, the minister was confident that the overall expenditure on oil will be brought down by MVR39 million in annual terms.

The state initiated “Accelerating Sustainable Private Investment in Renewable Energy” (ASPIRE), will reportedly have the collective capacity of creating over 55.5 Mega Watts of electricity.

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