PAVING THE WAY FOR A JUST ENERGY TRANSITION IN
The Maldives Energy Act of 2021 establishes the framework to make energy services available to consumers at a reasonable price, promoting renewable energy sources,
Solar PV with storage has proven suitable and competitive for Maldives' high penetration of renewable energy (POISED type B projects), with an average fuel savings of 25%. The concept design of hybrid systems (efficient diesel generators + solar PV plants + energy storage) has resulted in success for Maldives.
Maldives has no proven fossil fuel reserves, but it has abundant renewable energy sources such as solar, wind, and ocean (tidal, wave, and ocean thermal). The country has the potential to produce green hydrogen fuel using renewable energy. The future of energy in Maldives is powered by renewables.
In 2022, 63 investor expressed interest in the third 11 MW solar project in the remote islands of Maldives, and a record low price of 9.8 US cents was received. This is one of the lowest tariffs for any small island developing state (SIDS).
Maldives, located in the Equator, receives abundant solar energy. Specifically, it receives about 400 Million MW of solar energy per annum.
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