Chinese company to install solar panels in Hulhumalé
The agreement was signed under the Accelerating Sustainable Private Investments in Renewable Energy (ASPIRE) project developed in collaboration with the World Bank, the environment ministry said.
18 Oct 2015, 9:00 AM
The environment ministry on Thursday signed an agreement with a Chinese company to install 1.5 megawatts of solar photovoltaic systems in the capital’s suburb Hulhumalé.
The agreement was signed under the Accelerating Sustainable Private Investments in Renewable Energy (ASPIRE) project developed in collaboration with the World Bank, the environment ministry said.
“The principle of ASPIRE is to enable solar photovoltaic investments through a Power Purchasing Agreements (PPAs) lasting for 20 years, backed by the government and the World Bank guarantee facility, which covers payment delay risks and termination risks, on top of other assurances provided through the government and the World Bank,” the ministry explained.
The ministry said the investor, China Machinery Engineering Corporation (CMEC) in association with Grass Solartek Schweiz SA of Switzerland, was selected through an international competitive bidding process initiated in April.
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