MANILA (XINHUA) – The Asian Development Bank (ADB) and the Maldives have signed loan and grant agreements of up to USD50.5 million to expand renewable energy generation and distribution in the Maldives, the bank said yesterday.
“The project is designed to enhance energy security and facilitate the sustainable transition of the power sector in the Maldives,” said ADB Deputy Director General for South Asia Cindy Malvicini.
The bank has been “a vital development partner” in the Maldives, “particularly in the realms of energy, transport, water and urban infrastructure and public sector management,” said Finance Minister of the Maldives Mohamed Shafeeq. “I am also pleased to see the bank and other partner’s commitment toward our journey on expanding the renewable energy sector.”
Emerging technologies, such as ocean-based floating solar panels, ocean energy devices, small wind turbines, and flow batteries, will be installed, said the ADB, adding that it will provide support through transaction advisory in developing public-private partnerships for solar independent power producers projects. The ADB’s support consists of USD41.5 million from the Asian Development Fund, a concessional loan of USD8.5 million from ordinary capital resources, and a USD500,000 grant from the Climate Change Fund, the bank said.
