Power Technology

APM SBV makes 100MW solar investment agreement with Maldives

This renewable energy initiative will be developed on newly reclaimed barrier islands 4km from Male/Hulhumale.

Abraxas Power has announced that its subsidiary, APM SPV, has made an investment agreement with the government of the Maldives to develop Project Solar City, a floating solar renewable energy project.

This 100MW renewable energy initiative will be developed on newly reclaimed barrier islands 4km from Male/Hulhumale.

With the investment agreement now in place, a Presidential Decree officially entitling the area for Project Solar City as a Special Economic Zone (SEZ), under the SEZ Act, has been issued. It is the first such Presidential Decree issued under the act.

The electricity produced by Project Solar City will replace up to 33% of the capital’s energy, provide fuel savings of $45m annually along with carbon savings of 190,000 tonnes per year, and create employment opportunities.

The venture aligns closely with national objectives outlined by the government of the Maldives, which seek to secure sufficient, reliable, sustainable and cost-effective energy, an essential step towards meeting the country’s net zero targets by 2030.

It also aligns with the Maldives President’s pledge at the COP28 summit to generate at least one-third (33%) of national energy requirements through renewables by 2028.

Abraxas CEO J Colter Eadie stated: “Our initiative in the Maldives represents a transformative step toward a cleaner, more resilient energy future. 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. This project is about more than clean energy — it’s about transferring knowledge, technology and global best practices to empower local enterprises and accelerate infrastructure development across the Maldives.

“It demonstrates how strategic investment can generate far-reaching benefits, driving inclusive growth and long-term prosperity. We are proud to partner with the government of the Maldives to bring this vision to life.”