The Island nation announces its largest Renewable Energy project sofar, calling interested parties to submit applications for the pre-qualification to install 21 MW Grid-tied Solar Photovoltaic systems in its 6 Major islands. This includes Addu City, Fuvahmulah City, Kulhudhuffushi City, GDh. Thinadhoo, B. Eydhafushi and Lh. Hinnavaru.
According to the prequalification document published on the website of Ministry of Finance the selected bidder would be required to sign a standard PPA with the existing Service Provider for 15-20 years. The bidder is responsible for the design, build, finance, own, operate and transfer of all facets of the project and must meet a minimum generation output specified in the bidding document.
This subproject is rolled out with financial and technical support from World Bank’s Accelerating Renewable Energy Integration and Sustainable Energy (ARISE) project in the Maldives. The World Bank is in the early stages of exploring a potential financial support package for the project. More information in regards to this will be available at the proposal stage.
ARISE project is continuing on the efforts of World Banks Accelerating Sustainable Private Investments in Renewable Energy (ASPIRE) initiative in the Maldives aimed to bring in private investments for increasing RE capacity in the Maldives and establishing a conducive mechanism for such through several risk mitigation strategies. Under ASPIRE, Maldives has mobilized financing for a total of 6.5MW of solar PV, with the 1st 1.5 MW in operation since March 2018 and site mobilization for the other 5MW (awarded in October 2019) to happen within another month or so.
To participate in the 21MW pre-qualification process, interested parties shall register with the Ministry of Finance from 30th January 2020 to 12th March 2020. A complete set of Pre-Qualification documents and related documentation are available for download on the Ministry of Finance website www.finance.gov.mv .
Diesel remains the predominant resource for electricity in Maldives sofar, with 95% of the generation mix accounting for diesel. However, in efforts to diversify the energy mix and have secure, affordable electricity, the country is working to increase its renewable energy share and thus decarbonize its power sector. The country has streamlined energy action plans and is to increase the renewable energy fraction by 20% compared to 2018 levels, by the year 2023.
The year-round solar resource availability not only makes the Maldives an attractive tourist destination, but promising market destination for solar developers, and the country welcomes both.