ADB and Govt of Maldives Invites Companies, Lenders to Participate in Market Sounding Sessions for 20 MW Solar Project

ADB as the transaction advisor and Govt of Maldives invites interested local and international companies and lenders to participate in two market sounding sessions for the 20 MW Maldives outer islands solar PPP Project on 18th and 20th October.

The Ministry of Environment, Climate Change and Technology (MOE) of the Republic of Maldives and the Asian Development Bank as the transaction advisor wish to invite interested local and international companies and lenders to participate in market sounding sessions for the 20MW Maldives outer islands solar PPP project (Project) for which the request for proposal (RFP) is expected to be launched in the coming weeks.

The purpose of the market sounding process is to obtain bidder and lender community insights and feedback from the market sounding will inform the final tender design.

Scope of the project is Design, Build, Finance, Own, Operate and Maintain a 20 MW Solar PV Power Project in 20 outer islands of Maldives with a mix of land, rooftop and nearshore floating solar installations.

PPA Term is 15 years from commercial operations date (COD) with transfer to FENAKA or decommissioning as required by FENAKA.

Single entity, group of companies, or consortium offering the lowest tariff and meeting minimum criteria for technical solution, financial resources and experience of developing similar solar projects can bid. FENAKA will be the signatory of the PPA.

The project company will be offered:

1. Political risk insurance for equity investment from the sponsor
2. Escrow account with acceptable bank for ongoing payment obligations of FENAKA
3. Non reimbursable performance incentive for timely and within cost delivery of the Project at COD

Potential Bidders will be required to provide detailed financing plan in their bid submission and are encouraged to seek early involvement of their financiers to finance the Project.

The one hour sessions will be conducted at 1pm Male time (4pm Singapore/Manila/Beijing) on Tuesday 18th and Thursday 20th of October 2022.