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).
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 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.