MVR 20 million can be saved annually through solar project: Fenaka

Fenaka Corporation has said that MVR 20 million can be saved annually through the in-house solar program that the company plans to implement.

Fenaka said that under this project, solar panels will be installed in office buildings and power houses on islands where the company provides service. Under this program, solar panels of total of 5.2 megawatt peak will be installed, with the project expected to cost MVR 92 million.

The project is expected to save MVR 2.6 million litres of diesel per year, which amounts to MVR 19.9 million, Fenaka said.

Fenaka further said that 18 and 30 kilowatt grid tied solar systems will be installed under this project, with the company aiming to formulate and implement the project at the start of 2025.

In addition to the in-house solar project, Fenaka is also installing solar panels under the Preparing Outer Islands for Sustainable Energy Development (POISED) Project being implemented in collaboration with Ministry of Environment, Climate Change and Technology and the Asian Development Bank (ADB).

Within the last two years, Fenaka has installed solar panels of 191 kilowatts in power houses and offices of eight islands where they provide service. Under additional projects, a total of 14 megawatts of solar energy systems are currently in use.

Fenaka said that this project would contribute towards the government's efforts to promote renewable energy use.