15 MW solar project expected to save Maldives USD 11.6 million annually

15 MW solar project expected to save USD 11.6 million annually

Agreements have been signed for a 15 MW solar project expected to reduce annual diesel imports by around 15 million litres and save USD 11.6 million in fuel expenditure.

Mohamed Hilmy

27 October 2026, 14:04

Agreements have been signed to develop a 15 MW solar photovoltaic project in the Maldives, expected to reduce annual fuel expenditure by USD 11.6 million.

The project is being developed under the Accelerating Renewable Energy Integration and Sustainable Energy (ARISE) programme and is expected to reduce diesel imports by around 15 million litres a year.

A Power Purchase Agreement was signed between Sinosoar Hybrid Technology and the State Electric Company (STELCO), while an Implementation Agreement was signed between Sinosoar and the Ministry of Climate Change, Environment and Energy.

The project will be developed under a 20-year private investment arrangement using a design, build, finance, own, operate and transfer model.

It will comprise 2 MW of solar capacity distributed across six islands and a further 13 MW in major regional centres.

The Ministry has described the development as the largest solar PV project undertaken in the Maldives to date.

Once completed, the project will increase the combined solar capacity installed under the ARISE and Accelerating Sustainable Private Investments in Renewable Energy (ASPIRE) programmes to 34 MW.

The Maldives had 110 MW of renewable energy capacity installed by the end of 2025. The Government is working towards increasing the share of renewable energy in electricity generation to 33%.

15 MW solar project expected to save USD 11.6 million annually

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