Solar PV with storage has proven suitable and competitive for Maldives' high penetration of renewable energy (POISED type B projects), with an average fuel savings of 25%. The concept design of hybrid systems (efficient diesel generators + solar PV plants + energy storage) has resulted in success for Maldives.
Since then, the country has experienced political upheaval, a period of authoritarian retrenchment, and more recently, a return to democracy and calm under the leadership of President Ibrahim Mohamed Solih. The Maldives would like to rapidly deploy renewable energy, primarily solar, given our abundant sunshine.
Taking advantage of that World Bank guarantee, and the private investments that followed, the Maldives is rolling out solar projects from the capital city, Malé, to far-flung island communities. Short on land, the country is even pioneering the use of floating banks of solar panels in lagoons.
The loans available to us can therefore carry elevated interest rates. This sky-high cost of capital makes most solar projects non-starters. So we continue to burn diesel fuel. In this respect, the Maldives is not an outlier.
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