Cabinet Endorses Renewable Energy Investment Plan to Transform Energy Sector in Maldives 

The government has developed a renewable energy investment plan to transform fossil fuel dependent energy sector in the Maldives. The plan has been developed under the Scaling-up of Renewable Energy Programme (SREP) of the Climate Investment Fund.

The investment plan, which was prepared by the Ministry of Environment and Energy, in collaboration with technical assistance from the World Bank, Asian Development Bank, and International Finance Corporation, will leverage investments totalling 139 million US dollars. The government will present the investment plan to the SREP subcommittee meeting scheduled to take place in Istanbul on 30 October this year for approval.

Maldives being one of the 6 pilot countries under SREP, it has allocated 30 million US dollars for the investments. Further allocations have been earmarked to the plan by the World Bank, Asian Development, Islamic Development Bank, and International Finance Corporation.

The plan is designed to attract and facilitate investments from the private sector for renewable energy. Under the plan, a total of 10 islands in the Maldives will completely transform their energy generation to renewables, 15 islands would completely redesign their energy systems, 30 islands would generate 30 per cent of their energy demand from renewables and a total of six megawatts of electricity would be generated from waste produced in four regions of the Maldives within the next five years.