4th Growth and Resilience Dialogue with Social Partners Presentation

Introducing ASPIRE: Accelerating Sustainable Private Investments in Renewable Energy

• Maldives SREP Investment Plan adopted in October 2012 • ASPIRE aims to scale up solar PV to 20MW • Key focus to attract private sector participation • World Bank approved in 2014 a series of IDA guarantees for US$ 16 million and a SREP grant for US$11.7 million • For 20 MW, estimated savings of US$28-84 million (depending on diesel price) and US$42 million of private investments mobilized • Initial project of up to 4MW tendered in two lots in 2015-2016. First 1.5MW project operation in 2018. Other donors also promote renewables in Maldives. For example: • ADP-led POISED also uses SREP and targets installations of 10MW solar diesel hybrid systems. • JICA through its JPY 1billion Project for Clean Energy Promotion installation 70kW in 2014 (led by Japanese solar panel company, Kyocera).