ACCELERATING SUSTAINABLE CLEAN ENERGY INVESTMENTS FOR NET ZERO TRANSITION

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The proposed Additional Financing project Accelerating Sustainable Clean Energy Investments for Net Zero Transition (ASCENT) aims to support the energy system in the Maldives transition to renewable energy from existing fossil fuel-based system. The proposed project (ASCENT) is an extension of ARISE and aims to amplify and extend the existing components by integrating new subcomponents and components to support Government of Maldives (GoM) Energy transition in the transport and power sectors. This project, tailored to the unique geographical and climatic attributes of Maldives unique geographical and climatic attributes, is poised to bolster the GoM’s ambitious net zero targets. The Project would contribute to mobilizing private sector investment in solar photovoltaic (PV) generation capacity; support battery energy storage system (BESS) deployment and grid modernization to enable variable renewable energy (VRE) integration; support development of new initiatives like E-mobility and Net metering. It will include technical assistance (TA) for institutional capacity building, pipeline development, and support for early-stage feasibility work associated with the development of other sustainable energy sources.