Economic Minister Mohamed Saeed has stated that the first project approved under the Special Economic Zone (SEZ) Act, the Floating Solar Panel project, will commence practical work in November this year.
The Floating Solar Panel project was approved in April this year to supply electricity to the Male’ Area by utilizing floating solar panels. The project will install floating solar panels with a capacity of 150 MW, a lithium-ion battery system, and an energy management system. Sangro Power Supply Co. is the technical partner for the project, which is estimated to cost around MVR 1.6 billion.
In an interview with state media, PSM, Minister Saeed said the license for the project will be issued in October. He highlighted that the state budget currently allocates between $500 million and $600 million annually for fuel, and the SEZ project is anticipated to significantly reduce this expenditure.
