US$20M fundraise for a floating solar project in Maldives

COMPANY OVERVIEW

Background: Leading solar energy provider for Maldivian resorts and pioneer in marine floating solar development. They develop special heavy duty, high performance solar PV systems for extreme climatic conditions and have currently a total installed solar capacity of more than 23,000 kWp in the Maldives.

Track Record: In 2014, they launched the world’s first floating solar power plant for the sea. Projects also include rooftop PV, which have been implemented at luxury resorts throughout the Maldives, Seychelles, Indonesia, and Malaysia.

The company does the EPC and has a long and successful history of executing similar projects in the region.

Projects: The projects range from single floating solar platforms at sea to modular floating installations. They have integrated heavy duty rooftop systems into diesel power grids and designed off-grid systems with batteries.

USE OF FUNDS

• The company has identified an opportunity to develop a floating project in Male with a capacity of 10 MWp. Total investment sum is ~USD 18-20M and the company is looking for $7.5M in grant capital to make project commercially viable.
• Break-up of requirement: Floating Structure & PV-Panels (60%), Cables & Transformers (20%), Parts (7.5%), Staff (7.5%) and Logistics (5%)

POTENTIAL IMPACT

• Unique opportunity to develop a floating project in Maldives assisting in the electrification requirements of the region.
• This project will save approximately 10,800 tons of CO2 emissions. The local population benefits from cleaner air, stable energy prices (not dependent on oil price fluctuations) and the local economy also benefits from the construction itself