Maldives Shines Bright: Join Ground-breaking 25MW Solar PV market sounding Session

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In the tropical paradise of the Maldives, the sun isn’t just a source of warmth and light—it’s becoming a beacon of opportunity. With a commitment to a greener future led by His Excellency, President Dr. Mohamed Muizzu, the Maldivian Government is blazing a trail towards a more sustainable tomorrow. At the heart of this vision lies a pledge to achieve 33% renewable energy capacity within the next five years, with solar photovoltaic (PV) technology emerging as a driving force of change.

Blessed with abundant sunshine and clear skies year-round, the Maldives boasts ideal conditions for solar PV deployments. The numbers speak volumes: an average daily global horizontal irradiation ranging from 5.4 to 6.4 kWh/m2 and approximately 280 to 300 sunny days annually paint a picture of a nation ripe for solar energy exploitation.

In a span of less than five years, the solar PV sector has experienced exponential growth, with installed capacity exceeding 60MW and a pipeline of over 50MW of additional projects, including solar PV installations supported by battery storage systems and grid upgrade works.

But the Maldives’ renewable energy ambitions don’t end with solar. A diverse portfolio of opportunities, from electrifying vehicles to decarbonizing the maritime sector, signals a multifaceted approach towards sustainability. These ambitious targets are intrinsically linked to the commitment of decarbonizing the grid, creating a fertile ground for further developments in renewable energy, particularly solar PV.

Global investors have taken notice. Previous tenders attracted interest from a myriad of international players, and the recent Renewable Energy Investor Conference 2023 saw participation from over 80 individuals representing more than 60 organizations, including developers, investors, and EPC players. A highlight of the conference was a captivating site visit to the floating solar PV site in Addu, offering a first-hand glimpse into the future of renewable energy in the Maldives.

The Ministry of Climate Change, Environment & Energy, Republic of Maldives, in collaboration with the World Bank, is proud to announce the release of two new solar PV tenders under the ongoing ARISE Project. With a combined capacity of 25MWp, these tenders will focus on innovative solutions, offering opportunities for investors to be at the forefront of sustainable development.

The projects, issued on a Design, Build, Finance, Own, Operate, and Transfer (DBFOOT) basis, come with a robust package of risk mitigation structures, including guaranteed off-take, payment security mechanisms, and termination guarantees. Investors are invited to explore these opportunities and contribute to the Maldives’ journey towards a greener future.

To facilitate engagement and gather valuable feedback, the Ministry is hosting a Market Sounding Session on Monday, March 25th, 2024. This two-hour online session will provide insights into the upcoming projects, offering a platform for potential bidders and investors to ask questions, share perspectives, and forge connections.

Don’t miss this chance to be part of history in the making. Join us in shaping a sustainable future for the Maldives—one powered by the sun.

Stay Updated!

Mark your calendars for the Market Sounding Session:

Date: Tuesday, 26 March 2024

Time: 12:00 PM – 2:00 PM Maldives Time (UTC +5 hrs)

Registration Deadline: March 22nd, 2024

For the latest updates and registration details, visit the Ministry of Environment, Climate Change, and Energy’s official website or Facebook page. Secure your spot today and be a catalyst for change in the Maldives’ renewable energy landscape.

To register, click here. For further inquiries, please contact: [email protected]

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