APM SPV, the subsidiary of Abraxas Power, has inked an investment agreement with the Government of Maldives. The agreement is for the development of Project Solar City, which is a 100 MW mixed-use renewable energy project in Maldives.
The execution of the investment agreement was followed by the President of Maldives issuing a presidential decree designating the project area as a Special Economic Zone under the country’s Special Economic Zone Act. Furthermore, the project has the potential to help Maldives fulfil its COP28 commitment to generate at least 33 per cent of the country’s energy needs through renewable sources by 2028.
Abraxas Power is an energy transition developer focused on decarbonising hard-to-abate sectors. The company has delivered large-scale development projects across disciplines, including renewable power and storage, hydrogen and ammonia production, industrial and precious metals, large-scale project construction, and operations at scale.
