Special Economic Zone (SEZ) Board of Investment has given the initial permit for the first project to be conducted under the SEZ Act to Abraxas Power Corporation, a Canadian company.
Special Economic Zone (SEZ) Board of Investment has given the initial permit for the first project to be conducted under the SEZ Act.
Ministry of Economic Development and Trade stated that this permit had been issued to Canadian company, Abraxas Power Corporation for the large scale installation of solar panels. The technical partner for the project is Sungrow Power Supply Co. Ltd.
Minister of Economic Development and Trade Mohamed Saeed stated that approximately MVR 1.6 billion will be spent on the project.
Research and assessment for necessary carrying out the project will be commenced now with the granting of the initial permit, the ministry said.
As per last December's presidential resolution, a minimum of USD 100 million (MVR 1.5 billion) must be invested in the SEZ.
Details of projects run within SEZ will be published with the advice of the Board of Investment annually ahead of February, the resolution said.
Under this first SEZ project, floating solar panels will be installed to generate 150 megawatts of electricity. Through this project which will be carried out in the Greater Male' area, a li-ion battery system and Energy Management System will also be set up.
“The Project submission is further aligned with the commitment made by Maldives’ President Dr. Mohamed Muizzu during the recent COP28 summit to generate at least 33% of the Maldives’ energy needs through renewable sources within the next five years. The Project alone has the potential to fulfill the President’s commitment, making Dr. Muizzu possibly the first global leader to achieve their COP28 pledge, setting an international standard for expediency in achieving COP28 commitments,” said J. Colter Eadie, Chief Executive Officer of Abraxas Power Corporation speaking to the press in January this year.
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