- The Maldives signed agreements for a 15MW solar PV system, its largest solar development yet, under the ARISE initiative.
- Contractor Sinosoar will deliver the project via a 20-year Design-Build-Finance-Own-Operate-Transfer model, split into a 2MW outer-island array and a 13MW installation for regional centres.
- The project will displace around 15 million litres of diesel annually, saving an estimated USD 11.6 million and advancing the 33 per cent renewable electricity target.
The Ministry of Climate Change, Environment and Energy has formally concluded agreements to install a 15-megawatt (MW) solar photovoltaic system, marking the largest solar development in the nation to date.
Officials signed the contracts under the Accelerating Renewable Energy Integration and Sustainable Energy (ARISE) initiative. The commercial framework comprises a Power Purchase Agreement between contractor Sinosoar Hybrid Technology and the State Electric Company (STELCO), alongside an Implementation Agreement executed between Sinosoar and the energy ministry.
Under the agreed terms, Sinosoar will deliver the venture through a 20-year Design, Build, Finance, Own, Operate, and Transfer model backed by private capital. A multilateral coalition—consisting of the World Bank, the Climate Technology Fund, the Asian Infrastructure Investment Bank, and the Multilateral Investment Guarantee Agency—provides technical support and financial guarantees under a dedicated risk-mitigation framework.
Contractors will execute the scheme in two separate lots, dividing generation capacity between a 2MW array distributed across six outer islands and a 13MW installation dedicated to major regional centres.
Once operational, the installation will elevate the joint generation capacity of the ARISE scheme and its predecessor, the Accelerating Sustainable Private Investments in Renewable Energy (ASPIRE) project, to 34MW. This collective output represents roughly 30 per cent of the 110MW total renewable capacity targeted across the archipelago by the end of 2025.
State projections indicate the new solar infrastructure will displace approximately 15 million litres of imported diesel annually, reducing national fuel expenditure by an estimated USD 11.6 million per year. Ministry representatives confirmed that the expansion directly advances the national target to source 33 per cent of the country’s electricity from renewable technologies.
