ADB to Provide US$75.5 Million to Support Renewable Energy Project in Maldives

The Maldives signed financing agreements worth US$75.5 million with the Asian Development Bank (ADB) for the Accelerating Sustainable System Development Using Renewable Energy (ASSURE) project. The package includes US$57 million in grants and US$18.5 million in concessional loans, co-financed by Japan Fund for the Joint Crediting Mechanism, Clean Technology Fund, Climate Change Fund, and Asia-Pacific Climate Finance Fund. Key initiatives: installation of 20 MW solar power systems across 20 islands, a 44 MW solar battery energy storage system, a wind power system on one island, and a seawater electricity generation system. Also includes a community irrigation system and a solar-powered farming programme, plus 3 MW solar PV under 'My Solar Programme'. Environment Minister Thorig Ibrahim said the project supports the goal of generating 33% of electricity from renewables, aligned with President Muizzu's COP28 commitments. Expected annual savings: 10 million litres of diesel and reduction of 26,000 tonnes of toxic gas emissions.

The Maldives signed financing agreements worth US$75.5 million with the Asian Development Bank (ADB) for the Accelerating Sustainable System Development Using Renewable Energy (ASSURE) project. The package includes US$57 million in grants and US$18.5 million in concessional loans, co-financed by Japan Fund for the Joint Crediting Mechanism, Clean Technology Fund, Climate Change Fund, and Asia-Pacific Climate Finance Fund. Key initiatives: installation of 20 MW solar power systems across 20 islands, a 44 MW solar battery energy storage system, a wind power system on one island, and a seawater electricity generation system. Also includes a community irrigation system and a solar-powered farming programme, plus 3 MW solar PV under 'My Solar Programme'. Environment Minister Thorig Ibrahim said the project supports the goal of generating 33% of electricity from renewables, aligned with President Muizzu's COP28 commitments. Expected annual savings: 10 million litres of diesel and reduction of 26,000 tonnes of toxic gas emissions.

The Maldives signed financing agreements worth US$75.5 million with the Asian Development Bank (ADB) for the Accelerating Sustainable System Development Using Renewable Energy (ASSURE) project. The package includes US$57 million in grants and US$18.5 million in concessional loans, co-financed by Japan Fund for the Joint Crediting Mechanism, Clean Technology Fund, Climate Change Fund, and Asia-Pacific Climate Finance Fund. Key initiatives: installation of 20 MW solar power systems across 20 islands, a 44 MW solar battery energy storage system, a wind power system on one island, and a seawater electricity generation system. Also includes a community irrigation system and a solar-powered farming programme, plus 3 MW solar PV under 'My Solar Programme'. Environment Minister Thorig Ibrahim said the project supports the goal of generating 33% of electricity from renewables, aligned with President Muizzu's COP28 commitments. Expected annual savings: 10 million litres of diesel and reduction of 26,000 tonnes of toxic gas emissions.

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