The Government of Maldives has officially signed key agreements for a 15-megawatt (MW) solar photovoltaic (PV) initiative—the largest solar project in the nation's history—projected to save approximately MVR 180 million annually on state fuel expenditures. The Power Purchase Agreement (PPA) and Implementation Agreement were executed under the Ministry of Environment’s Accelerating Renewable Energy Integration and Sustainable Energy (ARISE) project.
The PPA was signed between the State Electric Company Limited (STELCO) and China’s Sinoso Hybrid Technology, represented by STELCO Managing Director Dr. Ali Azwar and Sinoso Country Manager Chao Shaoming. Simultaneously, Minister of Environment Ali Shareef and Chao Shaoming signed the project's Implementation Agreement to formalise the deployment of solar infrastructure across several outer islands.
Structured under a 20-year Design, Build, Finance, Own, Operate, and Transfer (DBFOOT) framework through competitive bidding, the private-investment project is supported by a comprehensive risk mitigation framework. This financial and technical backing was established in collaboration with the World Bank (IDA), the Climate Technology Fund (CTF), the Asian Infrastructure Investment Bank (AIIB), and the Multilateral Investment Guarantee Agency (MIGA). Once fully operational, the project is set to displace roughly 15 million liters of imported diesel annually.
The installation is divided into two main components: Lot 1 comprises a 2 MW cluster across six islands in Laamu Atoll (Mamendhoo, Maavah, Maabaidhoo, Hithadhoo, Kunahandhoo, and Dhanbidhoo). Lot 2 covers 13 MW distributed across major regional hubs, including Shaviyani Funadhoo, Lhaviyani Naifaru, Gaafu Alifu Villingili, and Laamu Atoll's Gan, Fonadhoo, Isdhoo, and Kalaidhoo.
According to the Ministry of Environment, this initiative expands the cumulative solar capacity deployed under the ARISE and ASPIRE programs to 34 MW, representing approximately 30 percent of the nation's 110 MW renewable energy capacity recorded at the end of last year. Officials highlighted that the deal marks a decisive stride toward fulfilling President Dr. Mohamed Muizzu’s pledge to generate 33 percent of the Maldives' energy from renewable sources.