Solar Assets Maldives

The energy supply of the Maldives is still largely based on fossil fuels. More than 90% of the electricity is generated by fossil fuels (especially diesel generators), which is not only associated with greenhouse gas emissions, but also with negative impacts on the health of the islanders due to the related air pollution. 

Floating solar platforms are designed to work in protected lagoons for a certain wave height offer higher energy output due the cooling effect of water and additional light reflections than conventional rooftop solar systems. Especially for islands or island states dependent on diesel generators and with a lack of building land, this technology offers the possibility of low-cost and CO2-friendly power generation or to increase the share of renewable energy for energy production. Swimsol, the Austrian renewable energy company and sponsor in this financing, has developed a floating solar solution for the coastal tropics. Depending on the installed PV capacity, this innovative technology can reduce diesel consumption by almost 10% to 50%. In addition, the limited land space on the islands restricts the number of solar panels that can be installed on roofs. 

The funds provided by OeEB will finance rooftop solar systems and floating solar platforms, enabling the transition from the use of diesel generators for electricity generation to more climate-friendly solar power. In September 2021, OeEB provided an initial credit line of USD 7 million together with responsAbility (USD 7 million), which has enabled the implementation of more than 30 solar projects with a total installed capacity of approximately 21 MWp in the Maldives.