President Mohamed Nasheed has said that our goal is to become an example to the world, on growth and development of a country not depending on its oil usage while renewable energy being the more economic option.
In his speech delivered at the Inaugural ceremony of Renewable Energy through Feed-In-Tariff in the Maldives, the President said that not only the charge of electricity would be minimised by shifting from oil fuel to renewable energy sources, but the expenses spent to buy the oil fuel would also be reduced.
Referring to the hike in oil prices, President Nasheed highlighted on the importance of generating power through sources other than oil fuel, noting that more than 31% of expenses spent on industrial needs in the Maldives, was spent on electric costs.
At the ceremony, an agreement on power purchase of renewable energy was signed between the State Electric Company Ltd (STELCO) and Kaimoo Travels and Hotels.
