FENAKA Corporation Limited is advancing its solar energy programme to enhance energy production and reduce reliance on diesel across the Maldives. The initiative is expected to save MVR 19.9 million annually by installing solar panels on the rooftops of FENAKA’s power stations and office buildings.
Over the past year, FENAKA installed 2,298 kilowatts of solar capacity and increased battery storage to 7,005 kW. The project aims to install 5.2 megawatts of solar power with a budget of USD 5.97 million. It is projected to reduce diesel consumption by 2.6 million litres annually, saving around USD 1.29 million each year.
The programme is part of FENAKA’s broader strategy to increase renewable energy. The company is working with the Ministry of Environment, Climate Change, and Technology, along with the Asian Development Bank (ADB) under the ‘POISED Project,’ to expand solar capacity across several islands.
In addition to solar installations on 12 islands, FENAKA has deployed 14 megawatts of solar power across its service areas. These efforts align with the government’s goals to boost renewable energy usage, grow the energy sector, and reduce fossil fuel dependence.
FENAKA is also collaborating with the Ministry of Environment on the Magey Solar programme, which will install 3 MW of solar photovoltaic systems in local households. This initiative is part of the broader government plan to reach 33% renewable energy consumption by 2028.
