Board of Investments reviews first proposal under SEZ framework

Board of Investments initiates review of a 110 MW of solar and battery storage project on January 3, 2023. (Photo/Economic Ministry)

The Board of Investments has initiated the review of a mega solar project – the first application received since the minimum investment for Special Economic Zone (SEZ) projects was lowered last month.

According to a post on X by the Economic Ministry, the Board of Investments began reviewing the proposal for the 110 MW of solar and battery storage project on Wednesday.

President Dr. Mohamed Muizzu had announced the project on December 24. According to him, it will mark the first renewable emergency project initiated by a country after the COP28 summit.

President Muizzu had issued a presidential decree lowering the minimum investment requirement for projects in SEZs in the Maldives from USD 150 million to USD 100 million on December 17.

The SEZ Act was enacted in 2015.