Invest Maldives

Canadian Firm Granted Initial Permit for First SEZ Project

The Special Economic Zone (SEZ) Board of Investment has issued the inaugural permit for the initial project under the SEZ Act.

The Ministry of Economic Development and Trade announced that the permit was awarded to Canadian company Abraxas Power Corporation for a large-scale solar panel installation project. Sungrow Power Supply Co. Ltd. will serve as the technical partner for the endeavor.

Minister of Economic Development and Trade Mohamed Saeed revealed that approximately MVR 1.6 billion would be invested in the project.

With the issuance of the initial permit, research and assessments necessary for the project's implementation will commence, the ministry stated.

According to a presidential resolution from last December, a minimum investment of USD 100 million (MVR 1.5 billion) is required for SEZ projects.

The resolution also stipulates that project details within the SEZ must be published annually by February, following the advice of the Board of Investment.

The first SEZ project will involve the installation of floating solar panels to generate 150 megawatts of electricity. Additionally, a li-ion battery system and Energy Management System will be established as part of the project in the Greater Male' area.

J. Colter Eadie, Chief Executive Officer of Abraxas Power Corporation, highlighted the project's alignment with President Dr. Mohamed Muizzu's commitment to generate at least 33% of the Maldives' energy needs from renewable sources within the next five years. Eadie noted that the project has the potential to fulfill the President's pledge, positioning Dr. Muizzu as a pioneer in achieving COP28 commitments.