Stonehenge Sets Eyes on Maldives

Stonehenge Metals Limited has entered into an exclusive option to acquire 99% of Clean Energy Maldives Pvt Ltd (CEM). The management of CEM has the approval and local support to facilitate the establishment of a commercial wave energy converter power generation and seawater desalination facility off the coast of Hanimaadhoo Island, Maldives.

The wave farm project has been designed to provide up to an estimated peak power potential of 2,000 kW and a desalination potential of 50kL per day.

Early indications from potential power customers are very encouraging with the first round expressions of interest (EoI), supported by power purchase history, received from over 100 of the Island’s estimated 500 businesses and residences, Stonehenge said in a press release. These non-binding EoIs are for the supply of electricity from the wave farm project at a proposed tariff of 3.5 Rufiyaa (approximately AUD0.30) per unit. Stonehenge and CEM are working to secure further expressions of interest from potential customers, including some of the island’s largest power users, over the coming weeks.

Construction of the Hanimaadhoo Wave Farm Project is conditional upon the acquisition of CEM and successful deployment of the 30-buoy pre-commercial demonstration wave farm off the coast of Western Australia.

Upon successful completion of the demonstration wave farm and a positive feasibility study, Stonehenge plans to install a commercial pilot Protean™ wave farm off Hanimaadhoo Island.

The Hanimaadhoo Wave Farm Project establishes a core pillar in the company’s commercialisation strategy for applying the Protean in the island energy market, Stonehenge pointed out.

Stonehenge MD, Bruce Lane said: “The agreement with Clean Energy Maldives paves the way for a commercial application of the Protean™ technology in the Maldives. The Maldives represents a significant market opportunity for the Company with a total annual power consumption of over 428GWh equating to an annual revenue potential of AUD128million. The Company is excited to work with CEM and its management who have been instrumental in garnering the very strong support we have for the project from the local government and community on the Island.”

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