Maldives solar base station EMS 20 000

Will a 5 MW solar installation make Maldives a popular destination?

Now, one of the first sights for any of the 1.7 million tourists visiting the Maldives will be that of the 5 MW solar installation on the highway linking the airport island to Male and its satellite town of Hulhumale.

How much does a solar project cost in Maldives?

In 2022, 63 investor expressed interest in the third 11 MW solar project in the remote islands of Maldives, and a record low price of 9.8 US cents was received. This is one of the lowest tariffs for any small island developing state (SIDS).

Should investors invest in sustainable solar projects in the Maldives?

In 2014, the first 1.5 MW solar project under ASPIRE only had four investors bids, and resulted in a high power purchase price (PPA) of 21 US cents per unit of electricity, indicating a lack of interest from investors in investing in sustainable projects in the Maldives.

How will the Maldives' fuel subsidy project impact the economy?

This will reduce the Maldives’ import bill by approximately US$ 30 million annually, with a total project lifetime saving of US$ 750 million over 25 years. These projects are expected to significantly reduce the government’s fuel subsidy expenditure, thereby decreasing the nation's reliance on fossil fuels and the fiscal burden this creates.

When will the Aspire project start in the Maldives?

The inauguration of the 5 MW solar project on December 7, 2022 under the ASPIRE project has been a game changer in the energy transition journey of the Maldives .

How many islands are in the Maldives?

With a population of around 550,000, the Maldives comprises 185 islands. Famous for its natural beauty, coral and fish life, the archipelago attracts almost 1.7 million tourists every year. However, the Maldives’ dependence on tourism and fossil fuel imports makes its economy particularly vulnerable to external shocks.