Electro Power Systems completing 2MW solar and storage project in Maldives
Written By: Stratton Report
March 14, 2016
On March 14, Electro Power Systems Group, an energy storage provider, through its subsidiary Elvi Energy will complete soon a new off-grid hybrid power plant in a luxury resort in the Maldives. Electro Power Systems acquired Elvi Energy to accelerate its off-grid business.
The resort will invest 450,000 euros ($500,000) for the engineering, supply and installation of a 2 MW solar and storage turnkey solution that allows the reduction of diesel consumption by approx. 275,000 litres per year. The power plant consists of solar panels, an energy storage system, an advanced control system, a power center, and is completely off-grid and remotely controlled.
Fabio Magnani, Chief Operating Officer of the Electro Power Systems Group noted: “The investments in technology made by the Group in 2015 are demonstrating that Hybrid Energy Storage Systems and Hybrid Power Plants are not only a viable option for powering off-grid locations, but a remarkable opportunity to reduce electricity costs and emissions at the same time.”
Gabriele Marchegiani, Managing Director of Elvi Energy and Executive Vice President of the Electro Power Systems Group commented:
“We are transforming the remote power generation sector into one with a sustainable future, enabling renewable energies to power society without need for any subsidy.”
Due to their location over 1,000 km to the nearest mainland, the Maldives face significant challenges in terms of energy and supply logistics with almost 100% of the electricity supply provided by diesel generators. The Maldives have the highest cost of power generation in South Asia with up to US$ 40 cents/kWh, and spend 14% of their GDP – more than on health and education combined – on importing fossil fuels.