ENERGY STORAGE ROADMAP FOR THE MALDIVES
Next-generation battery management systems maintain optimal operating conditions with 45% less energy consumption, extending battery lifespan to 20+ years. Standardized plug-and-play
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.
But recent solar and battery storage projects, financed with the help of the World Bank, offered a path around those high capital costs so we could deploy renewable energy projects across our archipelago. They provide a template for other nations struggling with the same financing dilemma. The Maldives is a new and fragile democracy.
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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