The Ministry of Environment and Thailand-based Ensys Co. Ltd, on Tuesday, signed a 5-megawatt solar project under the World Bank and Maldives' initiative Accelerating Sustainable Private Investment in Renewable Energy (ASPIRE).
The Government of Maldives sets out on a new path of scaling #Renewable #energy with the signing of the 5 MW PPA with the Thailand Based Company Ensys. The project is a part of the @WorldBank ASPIRE project. @WBMaldives @DrHussainHassan @AJ_WorldBank @WorldBankNepal #ASPIRE pic.twitter.com/cuDaYexM8O
— Ministry of Environment (@MoEnvmv) November 24, 2020
According to the ministry, the project will see the development of the solar grid across the Hulhule'-Hulhumale' Link Road.
On behalf of the ministry, the agreement was signed by Minister of Environment Dr Hussain Rasheed Hassan while Executive Director Chumpol Patanukom represented Ensys.
The 5 MW bid recorded a low price of US$ 10.9 cents, which was one of the lowest prices for an island nation. This model holds the promise for replication across other #SIDS nations including across Africa and the Caribbean. . @WBMaldives @DrHussainHassan @AJ_WorldBank pic.twitter.com/WoWKIdCOfj
— Ministry of Environment (@MoEnvmv) November 24, 2020
The ministry further revealed that Ensys's public tender, which was selected among 20 other bids, proposed a price of USD 0.109 for each unit of electricity sold to State Electric Company (STELCO). The price was touted as "one of the lowest prices for an island nation" by the ministry.
Moreover, the project is expected to reduce Maldives' dependency on fossil fuels, saving the country MVR 15 million each year.
The project is expected to commence in early 2021.
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