Abraxas Power has inked a significant investment agreement with the Maldivian government to develop Project Solar City, a 100MW floating solar renewable energy initiative. This project, to be developed on newly reclaimed barrier islands just 4km from Male/Hulhumale, marks a pivotal moment in the Maldives’ energy landscape.
The agreement has triggered a Presidential Decree designating the area as a Special Economic Zone (SEZ) under the SEZ Act, a first for the country. Once operational, Project Solar City is expected to replace up to 33% of the capital’s energy, delivering annual fuel savings of $45 million and reducing carbon emissions by 190,000 tonnes. The project also promises to create new employment opportunities, aligning closely with the Maldives’ national objectives for reliable, sustainable, and cost-effective energy.
This initiative resonates with the Maldives’ commitment to meet net-zero targets by 2030 and President’s pledge at COP28 to generate at least one-third of national energy requirements through renewables by 2028. Abraxas CEO J Colter Eadie emphasized the project’s transformative potential, stating, “Our initiative in the Maldives represents a transformative step toward a cleaner, more resilient energy future.” He highlighted the project’s role in strengthening national energy security, supporting foreign reserves, and driving inclusive growth.
The project’s success could set a precedent for similar ventures in the region, demonstrating the feasibility of large-scale floating solar projects in island nations. It also underscores the potential of strategic investments to drive long-term prosperity and environmental leadership. As the Maldives moves towards its renewable energy targets, Project Solar City could serve as a catalyst for further innovation and infrastructure development in the sector. The project’s focus on knowledge and technology transfer could empower local enterprises, fostering a sustainable energy ecosystem that extends beyond the project’s immediate impact.