Abraxas Power Secures First Ever SEZ Permit and Finalizes 100 MW Solar City Project in the Maldives

Abraxas Power Corp has taken a major step in accelerating renewable energy deployment in the Maldives. Its local subsidiary, APM SPV Pvt Ltd, has received the country’s first-ever renewable energy permit under the Special Economic Zone (SEZ) Act. This landmark approval was followed by an investment agreement with the government of the Maldives for the 100 MW "Solar City" floating solar project, also referred to as "Luminosity."

The Solar City project will be the largest energy infrastructure development in the Maldives. It will be constructed on reclaimed barrier islands approximately 4 kilometers from Malé and Hulhumalé. The project will combine floating solar PV systems, island reclamation, and a grid interconnection to supply up to 50 percent of the electricity needs of Greater Malé using only clean energy.

This initiative aligns directly with the Maldives' COP28 commitment to generate at least 33% of its electricity from renewable sources by 2028. It is expected to reduce national dependency on imported diesel, delivering estimated fuel savings of about USD 42 million per year.

The project was officially granted SEZ status through a presidential decree dated July 1, 2025. The designation ensures access to strategic investment incentives and fast-track regulatory processes, reinforcing the project’s national importance.

J. Colter Eadie, CEO of Abraxas Power, expressed the long-term significance of the initiative by stating, “Our initiative in the Maldives represents a transformative step toward a cleaner, more resilient energy future. By leveraging sustainable innovation and strategic investment, we aim to cut emissions, lower energy costs, and meet up to 50 percent of Greater Malé’s electricity demand with 100 percent clean power.”

He further noted, “This project is about more than clean energy. It’s about transferring knowledge, technology, and global best practices to empower local enterprises and accelerate infrastructure development across the Maldives.”

The Solar City project is expected to deliver widespread economic and environmental benefits. Over its lifetime, it will prevent approximately 190,000 tonnes of CO2 emissions, significantly reduce reliance on diesel fuel, and create employment opportunities across construction, island reclamation, operations, and maintenance. The development will also explore the integration of battery storage and energy management systems to improve grid stability.

This milestone highlights Abraxas Power’s expanding influence in the renewable energy sector, particularly in challenging or underserved markets. By combining floating solar technologies with innovative permitting strategies and global partnerships, the company is setting a precedent for clean energy development in small island nations and beyond.

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