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First International Renewable Energy Investors Conference has commenced

16 June 2013 : 16:31

The 1st International Renewable Energy Investors Conference has commenced yesterday at Bandos Island. This two day conference held from June 16th to 17th is the first International Conference held in the Maldives joined by Ministry of Environment and Energy and Multi-lateral Banks.

The conference was inaugurated by the President of Maldives H.E Dr. Mohamed Waheed. Minister of Environment and Energy, Dr. Mariyam Shakeela and Ministers from other Ministries joined for the opening ceremony.During the inaugural ceremony President of Republic of Maldives, Mohamed Waheed and the Mjnister, Dr. Mariyam Shakeela addressed the gathering. Director of ADB, Mr. Yongping Zhai and Senior Energy Specialist of World Bank, Mr. Abdulaziz Fagi also delivered their remarks. It was particularly noted that the the Director. Mr. Yongping Zhai pledged to go as far as it cost to transform Maldives into a Renewable Energy dependent country.

The Conference will bring together international investors with project developers, energy companies and utilities to explore investment opportunities in renewable energy in the Maldives and to discuss the regulatory and legal framework with a view to creating long term partnerships to build successful renewable energy projects across the country.

The recently-endorsed Investment Plan for the Maldives Scaling Up Renewable Energy Program (SREP) will be at the heart of the conference. This Investment Plan aims at transforming the Maldives energy sector by reducing the dependency on costly fossil fuels for power generation and creates opportunities for the private sector to leverage additional resource and their natural comparative advantage in the renewable energy sector.

The Conference will provide an excellent platform for investors, project developers and industry leaders identify new opportunities for investment in renewable energy project development and explore potential collaborations. Leading international experts will provide an overview on the current status of the renewable energy development, with a particular focus on equity and credit financing, emerging commercial technologies, renewable power generation, and established technologies.

A total of 110 participants including 19 international companies, 15 Maldivian parties, resorts and multilateral banks, World Bank, ADB and IDB will be contributing to this conference.