Fenaka Corporation Limited has signed an agreement with Chinese company DEC Dongfeng Electric Machinery Co., Ltd. The contract aims to establish a new power plant in Addu City to significantly increase electricity generation capacity.
Managing Director of Fenaka Corporation Limited, Muaz Mohamed Rasheed, signed the agreement with Dongfeng’s Vice President during a ceremony at Fenaka headquarters. Muaz highlighted the urgent need for a solution to Addu’s electricity problems, acknowledging that the previous government’s attempts to resolve the issue had been unsuccessful.
The new power plant will be equipped with state-of-the-art facilities and will initially enable the use of 32 megawatts of electricity. The installation will be conducted in phases, initially involving the addition of two 9.8-megawatt generators and two 5.8-megawatt generators.
Crucially, Muaz confirmed that the plant will have the capacity to be upgraded to 50 megawatts, with the possibility of extending the electricity supply to the island of Hulhumeedhoo once the bridge connecting it to the rest of the city is built. The project will be carried out under a Developer Finance scheme, with Fenaka agreeing to a repayment period of 12 years.
