In September 2021, OeEB signed a credit line to Solar Assets Maldives Ptv. Ltd ("SAM"). The financing will be used for solar photovoltaic projects in the Maledives.
| Project name | Solar Assets Maldives Pvt. Ltd. ("SAM") |
| Region | Southern and Eastern Asia |
| Sector | Energy / Resource efficiency / Infrastructure |
| Service | Investment Finance |
| Project country | Maledives |
| Project volume | USD 7 million |
| International climate finance according to UNFCCC | Yes |
| Additionality | Financial Additionality |
| Project partner(s) | responsAbility; Swimsol GmbH |
The energy supply of the Maldives is currently 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 facility is used to finance solar rooftop as well as floating solar platform projects which enables a transition from using diesel generators for electicity production to more climate friendly solar power.