Abraxas Power Corp. Granted Environmental Permit and Commences Coastal Works and Land Reclamation for Project Solar City, the First SEZ Development in the Maldives
Abraxas Power Corp. Begins Works for 100 MW Floating-Solar Project Following Environmental Approval, with Initiation of Land Reclamation Activities
MALE’, Maldives, Nov. 17, 2025 (GLOBE NEWSWIRE) -- Abraxas Power Corp. (the “Company” or “Abraxas”) today announced that mobilization, coastal works, and land reclamation activities have officially commenced on the supporting islands for Project Solar City, the first Special Economic Zone (SEZ) development in the Maldives and the country’s inaugural 100-megawatt floating-solar project. The start of works follows the successful issuance of the Environmental Approval for the Project, authorizing the commencement of physical implementation activities.
The initiation of reclamation works marks a key project milestone, enabling the preparation of essential support infrastructure for the floating-solar platform and associated SEZ components. With early works now underway, Project Solar City has formally transitioned from planning into full-scale implementation.
Located approximately four kilometres offshore from Hulhumalé, Project Solar City will deploy a large-scale floating-solar platform interconnected to the national grid via submarine cable. As a fully additional renewable-energy asset, the Project will supply new clean-power capacity to the Maldives and serve as anchor infrastructure for a broader mixed-use SEZ framework that supports economic diversification beyond tourism.
Total project investment is expected to exceed USD 100 million and the total SEZ investment is expected to exceed USD 187 million. Project Solar City is expected to materially contribute toward achieving the Maldives’ national goal of generating 33% of its electricity from renewable sources.
Regulatory milestones achieved to date include the issuance of the first project permit in April 2024, the SEZ Permit in February 2025, the Environmental Approval in November 2025, and the signing of the Investment Agreement on 1 July 2025, formally designating Project Solar City as the Maldives’ inaugural SEZ development.
The Project is being developed by APM SPV Pvt Ltd, the dedicated project company and majority owned and managed by Abraxas.
“The commencement of coastal works and land reclamation for Project Solar City marks a transformative moment for both Abraxas and the Maldives,” said James Colter Eadie, Chief Executive Officer of Abraxas. “Securing the Environmental Approval and beginning reclamation activities demonstrate the Project’s strong technical foundations and the steady regulatory progress behind it. This is the country’s first SEZ development and its first floating-solar project at national scale. Once commissioned, the Project will help the Government achieve its NDC target of 33% renewable-energy integration while significantly improving foreign-currency resilience and national energy security by reducing exposure to global fuel commodity markets.
We are proud to work alongside national stakeholders and deeply appreciate the exceptional support of S&A Lawyers—particularly Zain Shaheed, whose leadership played a pivotal role in navigating and closing the Maldives’ first SEZ investment agreement. Together, we are delivering infrastructure that strengthens energy security, advances climate commitments, and creates a new platform for long-term economic diversification.”
Abraxas acknowledges the strong collaboration with national stakeholders that has enabled the Project to progress to this stage and reiterates its commitment to delivering Project Solar City to the highest technical, environmental, and operational standards.
About Abraxas Power Corp.
Abraxas Power Corp. develops renewable-energy and green-molecule assets across Asia, Europe, and North America, including utility-scale solar, wind, green-hydrogen, and green-ammonia projects. The company partners with leading global institutions, OEMs, utilities, and governments to deliver large-scale, technically robust, and commercially competitive clean-energy infrastructure on the road to supporting the global energy transition.
To learn more, visit www.abraxaspower.com
Contact: Info@abraxaspower.com
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