Maldives has launched Project Solar City, its first Special Economic Zone (SEZ), aimed at advancing renewable energy initiatives. The project will involve the construction of a 100 MW floating solar power plant by APM SPV Pvt Ltd, expected to provide 50% of Greater Malé’s electricity needs, thereby reducing the nation’s reliance on fossil fuels. This initiative seeks to improve national energy security and contribute to economic growth through sustainable development, tourism, and logistics.
President Dr. Mohamed Muizzu inaugurated Project Solar City as the premier SEZ in the Maldives. The development includes a high-tech park intended for diversified purposes such as tourism, logistics, and real estate, alongside the solar power initiative. APM SPV, a subsidiary of Canada’s ABRAXAS POWER CORP, will implement the floating solar PV system, emphasizing its goal of supplying 100% clean energy to meet local demand.
This initiative is a response to the Maldives’ dependence on imported fossil fuels, which impacts its foreign reserves significantly. ABRAXAS CEO, J. Colter Eadie, highlighted the importance of the project in providing stable energy pricing and fostering energy independence while promoting environmental leadership. The Maldives aims to achieve a 33% renewable energy share in its overall energy mix by 2028 and anticipates needing 330 MW of additional capacity to reach this target, with current installations at 600 MW, including 68.5 MW from solar sources.