Government signs agreement for Maldives' first SEZ project

The Government of Maldives has today signed an agreement with Canada's Abraxas Power Corp for the Solar City project - Maldives' first Special Economic Zone (SEZ) project.

The investment agreement for the project was signed today at the Business Forum held in Singapore during President Dr Mohamed Muizzu's State visit to the country. The agreement was signed by Minister of Tourism and Environment Thoriq Ibrahim and Abraxas Managing Director James Colter Eadie.

This initiative is part of President Muizzu’s previously announced goal to generate 33 percent of the Maldives’ electricity from renewable sources by 2028. The government has previously said that this is an investment of USD 187 million.

They have also said that through this project, 100 megawatts of solar energy can be generated, saving USD 42 million from fuel expenses. The project is set for completion by 2027.

In addition to this, the government also signed an investment service agreement with residence and citizenship investment company Henley and Partners.