ADB green lights $50.5m support to Maldives’ RE growth

The project includes energy storage and distribution upgrades.

The Asian Development Bank (ADB) has approved a $50.5m financing package to support the expansion of Maldives’ renewable energy capacity including wind and solar projects.

In a statement, ADB said $41.5m of the package will be from the Asian Development Fund, $8.5m will be a concessional loan from ordinary capital resources, and $500,000 is from the Climate Change Fund grant.

The amount will be used to deploy grid-scale energy storage, energy management systems, and distribution upgrades in 20 outer islands. This will drive private sector investments in rooftop, land, and floating solar projects.

ALSO READ: ADB to provide $13.8m to support Vietnam’s rooftop solar sector

ADB added that the project will also include installing emerging technologies such as ocean-based floating solar panels, ocean energy devices, small wind turbines, and flow batteries.

It added that it will provide transaction advisory support for public-private partnerships for solar independent power producer (IPP) projects. The project will introduce financial instruments to reduce payment risk and performance-based incentives for solar IPPs.

“This project directly supports energy transition by facilitating the shift away from diesel-based generation and supports the three pillars to help the country move toward a climate- and disaster-resilient clean energy source while ensuring its energy security,” ADB Senior Energy Specialist Jaimes Kolantharaj said.

ADB said the financing package will be augmented by a $48m cofinancing from the Asia-Pacific Climate Finance Fund, Clean Technology Fund, Japan Fund for the Joint Crediting Mechanism, and private sector investments.

The government, meanwhile, will provide $1.97m.

Follow the link for more news on

Join Asian Power community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!


Asia needs natural gas to balance ‘energy trilemma’
Natural gas is cleaner than coal and would support the intermittency of renewables, ANGEA said.
Cambodia’s 18-year energy plan sets ambitious targets for renewables
To attain energy security, Cambodia will have to overcome investment challenges, cut wasteful consumption, and review pricing policies. 
Why ASEAN should take a regional approach to accelerating RE
The Regional Approach Report outlines how collaboration is key to the aim of 35% renewable energy capacity by 2025 in the region.