Minister of Climate Change, Environment and Energy Thoriq Ibrahim has stated that the Maldives has received enough financial assistance to develop an additional 80MW of renewable energy. He made the remark at a ceremony held to award a contract to install renewable energy systems in four atolls.
The Maldives has signed an agreement with a China-based company to install solar power systems in all islands in Kaafu Atoll, Alifu Alifu Atoll, Alifu Dhaalu Atoll, and Vaavu Atoll. The government plans to spend USD16 million in funding provided by ADB and EIB on the project, which is part of the Preparing Outer Islands for Sustainable Energy Development (POISED) project.
The agreement was signed by Minister Thoriq and Chairman Xiao Ping on behalf of China's CMIC Sinosa Consortium. Under the agreement, 5.88MW of solar power and 4.45MWh battery storage will be installed on 30 islands. The project is expected to save USD2.4 million annually in fuel expenditure.
At the ceremony, Minister Thoriq said the ministry is working to achieve the government's target of generating 33% of power from renewable energy by 2028. He noted that 450MW of renewable energy needs to be developed to achieve this target and that so far, 53MW of renewable energy has been installed in the country. He said that the goal is to achieve the target in 2-3 years, adding that the government has received funding to develop 80MW of renewable energy. He also said that the government will conduct extensive research on wave and wind power generation.