President of Maldives, Dr. Mohamed Muizzu, has officially declared Project Solar City as the first Special Economic Zone (SEZ) in the country. The flagship initiative, developed by APM SPV Pvt Ltd, will feature a 100 MW floating solar PV system.  

Designated as a High Technology Park, the project will also feature facilities for tourism, logistics, storage, and real estate development as a mixed-use infrastructure. The Presidential decree aims for the Project Solar City to ‘serve as a catalyst for economic diversification, investment inflow, and sustainable development’ in the Maldives.

A subsidiary of ABRAXAS POWER CORP of Canada, APM SPV will build the 100 MW project to help meet up to 50% of Greater Malé’s electricity demand with 100% clean power. 

“This project not only strengthens national energy security by reducing reliance on imported fossil fuels, but also supports the country’s foreign reserves by addressing one of its largest sources of capital outflow. With stable, long-term pricing insulated from global volatility, we are proud to support the Maldives in setting a new standard for environmental leadership and energy independence,” said ABRAXAS CEO J. Colter Eadie. 

Maldives targets a 33% share of renewables in its energy mix by 2028, which it estimates will require around 330 MW of additional capacity, up from 600 MW installed electricity generation capacity as of July 2024, including 68.5 MW from solar PV.