Abraxas Power Corp. Receives First Ever Renewable Energy Permit from the Maldives Special Economic Zone Board of Investment

Abraxas Power Corp. Receives First Ever Renewable Energy Permit from the Maldives Special Economic Zone Board of Investment

Benzinga
July 10, 2025

TORONTO, July 10, 2025 (GLOBE NEWSWIRE) -- ABRAXAS POWER CORP. ("Abraxas" or the "Company") is pleased to announce that its subsidiary, APM SPV Pvt Ltd., has signed an Investment Agreement with the Government of Maldives for the development of its flagship Project Solar City in the Republic of Maldives (aka "Luminosity"), a pioneering 100 MW mixed-use renewable energy project.

Following the successful execution of the Investment Agreement with the Government of Maldives, the President of the Maldives has issued a Presidential Decree, dated 1 July 2025, officially designating the Project Area as a Special Economic Zone under the Special Economic Zone Act ("SEZ Act"). This marks the first-ever Presidential Decree issued under the SEZ Act and represents a historic achievement for both Abraxas and the Maldives in advancing renewable energy and sustainable investment. The Project showcases the Abraxas team's leadership and expertise in supporting a complex energy transition and advances Abraxas' mandate to develop projects that further the UN Development Programme's sustainable development goals, specifically Sustainable Development Goal 7: Ensure access to affordable, reliable, sustainable and modern energy for all.

"Our initiative in the Maldives represents a transformative step toward a cleaner, more resilient energy future," said Mr. J. Colter Eadie, Chief Executive Officer of Abraxas. "By leveraging sustainable innovation and strategic investment, we aim to cut emissions, lower energy costs, and meet up to 50% of Greater Malé's electricity demand with 100% clean power. This project not only strengthens national energy security by reducing reliance on imported fossil fuels, but also supports the country's foreign reserves by addressing one ...

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