Business Environment

ADB approves additional funds for renewables, grid upgrades in Maldives

November 2 (Renewables Now) – The Asian Development Bank (ADB) said it has approved a USD-7.74-million (EUR 6.64m) concessional loan and a USD-2.73-million project grant to support renewable energy development and grid modernisation in the Maldives.

The financing represents an additional injection for the ongoing project, Preparing Outers Islands for Sustainable Energy Development (POISED), which is enabling the island nation to transform its existing diesel-based grids into renewable energy-based hybrid systems. The initiative covers 160 outer islands in the Maldives.

With added funds, the project will expand renewable energy hybrids, distribution grid upgrades, energy management system, and supervisory control and data acquisition systems in additional 12 outer islands. Among the sub-projects is the installation of solar photovoltaic (PV) based ice-making machines in four outer islands to support fisheries and a pilot run of a solar PV and battery-operated ferry for transport, the ADB said.

The POISED project has so far replaced diesel-based power generation grid and installed more than 9.5 MW of solar PV capacity, 5 MWh of battery storage, 11.6 MW of energy-efficient diesel generators, supporting investments in 70 outers islands.

Full details are available at the link below:

Source URL: Google News

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