State-owned utility service provider, Fenaka Corporation Limited has signed a power purchase agreement with the Magoodhoo Council. The agreement was signed by the Managing Director of Fenaka Ahmed Saeed Mohamed and President of Magoodhoo Island Council at a function held in Magoodhoo, Faafu Atoll.
This agreement to buy the solar energy produced on the island is the first-ever power purchase contract signed in the Maldives. According to Fenaka, the agreement represents the support towards clean energy production and readiness to purchase clean energy produced in accordance with standards set by the Maldives Energy Authority.
In addition to that under the agreement, Fenaka will use a share of the energy produced via solar systems established in Magoodhoo with the assistance of the Milano-Bicocca University of Italy. This agreement will benefit Magoodhoo Council economically and reduce the use of fuel to produce energy in Magoodhoo.
Fenaka Corporation limited ensures that island communities are provided with exceptional water, secure and reliable supply of electricity, sewer service, and waste management systems. By last May, Fenaka had spent over USD 9 million to improve its services.