First SEZ Project in Maldives Signed in Singapore

The Government of Maldives has signed a key investment agreement with Canada’s Abraxas Power Corp for the Solar City project, the country’s first Special Economic Zone (SEZ) initiative. The signing took place during a Business Forum in Singapore, as part of President Dr Mohamed Muizzu’s official visit.

Minister of Tourism and Environment Thoriq Ibrahim signed the agreement on behalf of the government, while Abraxas was represented by Managing Director James Colter Eadie.
The project aligns with President Muizzu’s goal to meet 33% of the Maldives’ electricity needs from renewable sources by 2028. Valued at USD 187 million, the initiative is expected to generate 100 megawatts of solar power, reducing fuel costs by an estimated USD 42 million.

The Solar City project is scheduled for completion in 2027.
In a separate agreement, the government also partnered with Henley and Partners, a global residence and citizenship investment firm, to expand investment services.