The Board of Investments is currently examining the first application for a substantial solar project, following the recent reduction in the minimum investment threshold for Special Economic Zone (SEZ) projects.
As per an announcement on X by the Economic Ministry, the Board commenced the evaluation of a proposal for a 110 MW solar and battery storage venture on Wednesday.
The initiative, disclosed by President Dr. Mohamed Muizzu on December 24, is set to become the inaugural renewable emergency project undertaken by a nation post the COP28 summit.
On December 17, President Dr. Muizzu issued a presidential decree reducing the minimum investment requirement for projects within the Maldives’ Special Economic Zones (SEZs) from USD 150 million to USD 100 million.
The SEZ Act, serving as the foundation for these developments, was ratified in 2015.