State Electric Company (STELCO) and Fenaka Corporation, responsible for electricity supply in the Maldives, have entered into a new agreement to enhance technical cooperation. The agreement, signed on Tuesday by STELCO Managing Director Hussain Fahmy and Fenaka Managing Director Muaz Mohamed Rasheed, marks an important collaboration between the two companies.
Under the terms of the agreement, STELCO has committed to providing technical training and support to Fenaka staff. This includes specialized mechanical and engineering training, all of which will be offered free of charge. The training is expected to equip Fenaka’s personnel with advanced skills and knowledge, thereby enhancing the company’s operational efficiency.
Fenaka, which handles the electricity supply to islands outside the capital, has faced substantial financial challenges, with a significant portion of its expenses attributed to the servicing of pumps and generators. In 2023 alone, the company spent MVR 117 million on such services. The new partnership with STELCO is seen as a crucial step in alleviating these financial difficulties and improving overall service delivery.
Fenaka’s Managing Director Muaz Mohamed Rasheed expressed gratitude for STELCO’s support, stating that this collaboration is the “biggest help” in their efforts to overcome financial constraints. He emphasized that STELCO’s assistance in servicing will not only help Fenaka financially but will also contribute to enhancing the quality of services provided to their customers.
This is not the first instance of STELCO assisting Fenaka. However, the current agreement aims to broaden the scope of support and establish a more systematic approach to the assistance provided. This partnership is expected to strengthen Fenaka’s capabilities to manage the electricity supply more effectively across the islands.
The collaboration between STELCO and Fenaka highlights the importance of inter-company support and knowledge sharing in addressing operational challenges and improving service standards in the Maldivian energy sector. As Fenaka embarks on this new phase of technical enhancement with Stelco’s support, there is a positive outlook for improved efficiency and service quality in the islands’ electricity supply.