On 1st July 2025, the Government of Maldives and APM SPV Pvt Ltd signed a historic Investment Agreement to develop a 100-MW floating solar power project, marking the first project to receive a permit under the Special Economic Zones (SEZ) framework. The project directly supports President Dr. Mohamed Muizzu’s Vision 2040, which places sustainability at the forefront of national progress and reinforces the Maldives’ commitment to clean and sustainable energy.
The Government of Maldives and APM SPV Pvt Ltd Sign Landmark Agreement for the Nation’s First 100MW Floating Solar Project
Government Issues the First Permit Under the Special Economic Zones Act for Project Solar City
The Board of Investments has issued the first-ever permit under the SEZ Act for a groundbreaking large-scale floating solar project in the Maldives. This pivotal development aligns closely with President Dr. Muizzu’s ambitious vision for a greener, more sustainable Maldives. By significantly reducing the country’s reliance on imported fuel, the project is poised to save over USD 40 million from the national fuel bill. The initiative directly supports President Dr. Muizzu’s target of meeting 33% of the country’s electricity demand through renewable sources.
Project Solar City
The government has issued its first Initial Permit under the Special Economic Zones Act to undertake a large-scale solar project in the Greater Male’ Region. The Project will significantly contribute to President Dr. Mohamed Muizzu’s commitment towards generating at least 33% of the nation’s energy needs through renewable sources by 2028.
Discover Maldives:
Where lucrative opportunities meets unparalleled beauty. As the world’s leading luxury tourist destination, our thriving tourism sector has a stellar reputation for success, attracting visitors from across the globe. Our strategic geographic location on major global shipping routes, offers direct access to key markets in Asia and beyond, making us the ideal destination for investments in international trade and commerce.
With numerous strategic opportunities for investors to explore, the Special Economic Zones (SEZ) regime in the Maldives provides unique advantages for those looking for a profitable venture. Our investor-friendly policies, inclusive of tax incentives and seamless business services, positions Maldives as an attractive business environment for investors to explore. Discover the limitless opportunities that the Maldives has to offer.
Guided by the leadership of His Excellency President Dr. Mohamed Muizzu, the Maldives intends to fully capitalize on the SEZ framework to transform the socioeconomic landscape of the country.
The Government's commitment to private sector partnerships, political stability, and a competitive legislative regime governing trade and investment, ensures a secure and efficient environment for business operations.
Maldives also benefits from a skilled and youthful workforce, making it ideal for diverse investment opportunities. With strong legal protections and a focus on sustainable practices, the Maldives stands as a destination primed for diverse investments that promises growth and lucrative returns.
Opportunities
The Government invites potential investors to explore the diverse investment opportunities that the SEZ regime has to offer, through the nine strategic investment areas identified under Presidential Decree.
