How will aspire and rise help the Maldives' energy transition?

World Bank-financed projects ASPIRE and ARISE support the Maldives' energy transition by installing more than 53.5 megawatts of solar capacity and 50-megawatt hours of battery storage. This will reduce Maldives' annual import bill by about $30 million, with a project lifetime saving of $756 million over 25 years.

What can we learn from the Maldivian energy project?

The project in the Maldives explores the potential of other renewable energy sources like wind and hydrogen, as well as new technologies such as EV charging stations and vehicle-to-grid technologies. We can learn from these efforts to expand the use of renewable energy and innovative technologies in the Maldivian energy sector.

Will Maldives become net-zero by 2030?

Projected to lose 80 percent of its land over the next few decades, the Maldives strengthened its commitment towards climate change and renewable energy targets when President Ibrahim Mohamed Solih announced the country's ambition to become net-zero by 2030 at the UN Climate Ambition Summit in December 2020.

Will a 5 MW solar installation make Maldives a popular destination?

Now, one of the first sights for any of the 1.7 million tourists visiting the Maldives will be that of the 5 MW solar installation on the highway linking the airport island to Male and its satellite town of Hulhumale.

How much does a solar project cost in Maldives?

In 2022, 63 investor expressed interest in the third 11 MW solar project in the remote islands of Maldives, and a record low price of 9.8 US cents was received. This is one of the lowest tariffs for any small island developing state (SIDS).

Should investors invest in sustainable solar projects in the Maldives?

In 2014, the first 1.5 MW solar project under ASPIRE only had four investors bids, and resulted in a high power purchase price (PPA) of 21 US cents per unit of electricity, indicating a lack of interest from investors in investing in sustainable projects in the Maldives.