Investing in 15 Solar Power Projects across 14 Islands in Maldives

Project Summary

The company is currently involved in implementing 15 solar power projects across 14 distinct islands in the Maldives, commissioned by the Ministry of Energy under the Government of Maldives. Each solar power plant have a capacity ranging from 1MW to 5MW, and the anticipated timeframe for completion is between 12 and 24 months.

The Company has entered into a Power Purchase Agreement (PPA) with the Government Authorities of Maldives, and the necessary land for all 15 solar power projects will be provided at no cost by the Government on 14 islands

The capital cost of complete 1MW (PV + Battery) solar project except cost of land is USD 2.54 Million / MW with 1 MWh Battery Energy Storage System and the electricity generation per day will be 6000 kWh Unit.

Key Financial Highlights:

1. Revenue Generation @ USD 0.15 per kWh would be USD 297,000 per year
2. Debt IRR: 9.20% - 10.96%
3. Equity IRR: 11.18% - 13.55%

Technical and Designing

The solar power system for these projects includes PV modules, a solar inverter, energy storage batteries (BESS), and other necessary electrical and mechanical components. This system, equipped with BESS, allows for daytime solar energy storage in batteries for use during nighttime. Due to the hot and humid climate in the Maldives, solar panels must be hermetically sealed to prevent moisture ingress and ensure consistent power generation, even in cloudy weather.

Transaction

The Company has secured a PPA with the Maldivian Government for the establishment of 15 Solar Power Plants across 14 islands. Plant capacities range from 1 MW to 5 MW, scheduled for completion by 2025. The investment needed for a 1 MW solar power plant with BEES is USD 2.54 Mn per MW, projecting an anticipated 11% annual IRR. The Company is looking for suitable investor for these promising projects.