The Maldives has signed a US$75.5 million project agreement with the Asian Development Bank (ADB) to develop the renewable energy sector.
The Finance Minister, Dr. Mohamed Shafeeq, signed the agreement along with Cindy Malvachini, the Deputy Director General of ADB.
Under the agreement, solar power systems will be installed on 20 islands and wind power systems on one island. In addition, 20 MW solar power systems will be installed in 20 islands under power purchasing agreements.
The project will also finance the acquisition of 3 MW solar PV systems in the initial phase of My Solar Program. Additionally, there will be a community irrigation system and community farming development program on one island that will use solar energy to generate electricity.
The Ministry stated that the project would save roughly 10 million liters of diesel and prevent 26,000 tonnes of toxic gases from being emitted yearly.
Today's signing ceremony was attended by ADB officials, the Ambassador and Embassy of Japan to the Maldives, and officials of the Government of the Maldives.
The Finance Minister, Dr. Mohamed Shafeeq, signed the agreement along with Cindy Malvachini, the Deputy Director General of ADB.
Under the agreement, solar power systems will be installed on 20 islands and wind power systems on one island. In addition, 20 MW solar power systems will be installed in 20 islands under power purchasing agreements.
The project is co-financed by @japaninMaldives, Clean Tehnology Fund and Asia-Pacific Climate Finance Fund. 2/2 pic.twitter.com/uGg9rI93US
— Ministry of Finance (@MoFmv) December 12, 2023
The project will also finance the acquisition of 3 MW solar PV systems in the initial phase of My Solar Program. Additionally, there will be a community irrigation system and community farming development program on one island that will use solar energy to generate electricity.
The Ministry stated that the project would save roughly 10 million liters of diesel and prevent 26,000 tonnes of toxic gases from being emitted yearly.
Today's signing ceremony was attended by ADB officials, the Ambassador and Embassy of Japan to the Maldives, and officials of the Government of the Maldives.
