The Environment Ministry has launched a search for an investor to finance the development of a 10-megawatt floating solar panel system in Addu City. This project aims to harness renewable energy and reduce the region’s dependence on fossil fuels.
The proposed floating solar PV system will be a pivotal step towards sustainable energy integration. With the backing of the World Bank’s Accelerating Renewable Energy Integration and Sustainable Energy (ASPIRE) project, the Environment Ministry seeks to revolutionise the southernmost region’s energy landscape.
In an announcement, the ministry said it seeks potential investors to participate in designing, building, financing, owning, operating, and transferring the facility. Interested parties have until 29 October to submit their proposals, as the ministry anticipates selecting a contractor during the first quarter of 2025.
While the project is scheduled to be mobilised in the second quarter of 2026, the ministry aims to complete essential environmental impact assessments (EIAs) and technical surveys at the earliest. As part of the project, an 8-megawatt floating solar panel system will be installed near the Hithadhoo Commercial Port, while additional one-megawatt systems will be installed in the harbours of Maradhoo and Hulhumeedhoo.
Upon completion, the ministry estimates a reduction of 4.43 million litres in fuel consumption, translating to a reduction of MVR 35.5 million in fuel-related expenses. The project is part of an MVR 1.6 billion aid project signed in December 2020 by the Ibrahim Mohamed Solih administration. The ASPIRE project is a cornerstone of this agreement.