Maldives: Solar Power Development and Energy Storage Solution (AIIB-000377)

Countries
  • Maldives
Where the impacts of the investment may be experienced.
Specific Location
Addu, Fuvahmulah, Greater Male, Hulhumeedhoo, Thimarafushi
Whenever identified, the area within countries where the impacts of the investment may be experienced. Exact locations of projects may not be identified fully or at all in project documents. Please review updated project documents and community-led assessments.
Financial Institutions
  • Asian Infrastructure Investment Bank (AIIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
B
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Borrower
Government of Maldives
The holder of the loan, grant, or other investment.
Sectors
  • Energy
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 20.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ AIIB website

Updated in EWS Jun 29, 2020


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Project Description

According to the bank's documents, "The Project involves the development of 36 MW solar power project and 106 MWh of battery energy storage solutions across five islands (Addu, Fuvahmulah, Greater Male, Hulhumeedhoo, Thimarafushi) in the Maldives. The Project also involves grid modernization for the integration of variable renewable energy with the grid. The Project comprises of following components:

Component 1. Solar PV Risk Mitigation
Component 2. Battery Energy Storage System (BESS)
Component 3. Grid Modernization for Variable Renewable Energy (VRE) Integration
Component 4. Technical Assistance

AIIB loan will finance activities under Component 3. The Project is co-financed with the World Bank (WB), Clean Technology Fund (CTF), and Canada Facility."

Investment Description
  • Asian Infrastructure Investment Bank (AIIB)
Contact Information

Asian Infrastructure Investment Bank
Amit Kumar, Project Team Leader
amit.kumar@aiib.org

World Bank
Amit Jain, Task Team Leader
amitjain@worldbank.org

Borrower
Mariyam Abdul Nasir
Chief Resource Mobilization & Debt Management Executive
mariyam.abdulnasir@finance.gov.mv

Maumoon Khalid, Project Manager
maumoon.khalid@environment.gov.mv


ACCOUNTABILITY MECHANISM OF AIIB

The AIIB has established the Accountability Mechanism for Project-Affected People (PPM).  The PPM provides “an opportunity for an independent and impartial review of submissions from Project-affected people who believe they have been or are likely to be adversely affected by AIIB’s failure to implement the ESP in situations when their concerns cannot be addressed satisfactorily through Project level GRMs or AIIB Management processes.” Two or more project-affected people can file a complaint.  Under the current AIIB policy, when the bank co-finances a project with another development bank, it may apply the other bank's standards. You can refer to the Project Summary Information document to find out which standards apply.  You can learn more about the PPM and how to file a complaint at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/how-we-assist-you/index.html.

The complaint submission form can be accessed in Arabic, Bahasa Indonesia, Bengali, Chinese, English, Tagalog, Hindi, Nepali, Russian, Turkish, or Urdu. The submission form can be found at: https://www.aiib.org/en/about-aiib/who-we-are/project-affected-peoples-mechanism/submission/index.html.