The Maldives government has extended its first-ever approval under the SEZ Act.
The Ministry of Economic Development and Trade on Wednesday, April 24, confirmed that the issuance of the Initial Permit was endorsed at the third sitting of the Board of Investment (BoI) pursuant to Article 29(c) of the SEZ Act.
Under the permit extended, the development of a large-scale solar power project has been green lit.
The project seeks to establish a 150-megawatt floating photovoltaic (PV) power plant and associated civil and electrical infrastructure in the Greater Malé region. The system will be paired with a Li-On battery system and an energy management system alongside with investments needed for interconnection to the main power grid.
This solar power initiative is aligned with the Maldives President Dr. Mohamed Muizzu’s commitment towards generating at least 33% of electricity through renewable sources by 2028.
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