President Dr Mohamed Muizzu has declared “Project Solar City” as the Maldives’ first Special Economic Zone (SEZ), following the issuance of Presidential Decree No. 1/2025 earlier this year. The move introduces a new legal and investment framework under the Special Economic Zones Act (Act No. 24/2014).
An Investment Agreement has been signed between the Government and APM SPV Pvt. Ltd., allowing the company to proceed with the development of the zone. The project has been designated as a High Technology Park, with permission to undertake a number of activities.
These include establishing a 100 MW floating solar photovoltaic system, developing a tourist facility with Meetings, Incentives, Conferences and Exhibitions (MICE) services, and setting up a logistics, storage, and industrial hub. The agreement also covers real estate development within the zone.
The Presidential Decree outlines investment incentives for the developer and includes maps specifying the geographic boundaries of the Special Economic Zone.
Officials have stated that “Project Solar City” is expected to contribute to economic diversification and attract private sector investment in various industries, including renewable energy and infrastructure.
