APM SPV, the subsidiary of Abraxas Power, has inked an investment agreement with the Government of Maldives, and has received a permit from the Maldives Special Economic Zone Board of Investment. The agreement is for the development of Project Solar City, which is a 100 MW mixed-use renewable energy project in Maldives. This project will help meet up to 50 per cent of Greater Malé’s electricity demand with clean power.
The execution of the investment agreement was followed by the President of Maldives issuing a presidential decree designating the project area as a Special Economic Zone under the country’s Special Economic Zone Act. Furthermore, the project has the potential to help Maldives fulfil its COP28 commitment to generate at least 33 per cent of the country’s energy needs through renewable sources by 2028.
Abraxas Power is an energy transition developer focused on decarbonising hard-to-abate sectors. The company has delivered large-scale development projects across disciplines, including renewable power and storage, hydrogen and ammonia production, industrial and precious metals, large-scale project construction, and operations at scale. Reportedly, it has secured over USD 9 billion over the past year in competitive projects that were awarded through government tenders.
REGlobal’s Views: Maldives pre-dominantly depends on fossil fuel imports to meet its power requirements. The country has been taking significant efforts to reduce this dependence on polluting fuels and slowly transition to renewable energy sources. This 100 MW renewable energy project is a massive step in that direction and its success will serve as a case study for more renewable energy investments in the future.
