Photo: Swimsol's SolarSea installation in the Maldives (Courtesy of Swimsol)

Swimsol grabs $14M loan for rooftop and floating solar in the Maldives

Austrian solar energy developer Swimsol has secured $14 million loan from the Swiss sustainable asset manager responsAbility and the Development Bank of Austria (OeEB) to advance its floating solar activities in the Maldives and other island states.

Swimsol's SolarSea installation in the Maldives (Courtesy of Swimsol)
Swimsol’s SolarSea installation in the Maldives (Courtesy of Swimsol)

The proceeds from this debt financing facility are crucial to fund the expansion of Swimsol’s solar asset portfolio, while delivering high climate impact, according to the lenders.

The Austrian renewable energy company provides solar power systems for the coastal tropics, having developed their own proprietary floating solar solution, called SolarSea.

It is said to be the leading provider of floating and rooftop solar assets in the Maldives, an archipelagic state located about 750 kilometres off the coast of India and Sri Lanka.

Swimsol provides solar energy via Power Purchase Agreements (PPA) in the Maldives mainly to companies active in the tourism sector, such as hotels and island resorts, in order to help the transition away from using diesel generators for electricity production.

Replacing diesel and adding solar and batteries to the power systems results in direct climate benefits by reducing CO2 emissions.

Wolfgang Putschek, CFO of Swimsol, said: “In the past years Swimsol has established itself as the leading provider for solar energy in the Maldives. The loan received under this facility will enable Swimsol to continue on its path to replace diesel as energy source and to contribute its share to create a cleaner environment. The solar system portfolio in the Maldives will serve as a springboard for the expansion to other tropical island regions, like Malaysia or Indonesia”.

Sabine Gaber, member of OeEB’s executive board, added: “Improving access to clean, reliable energy that enables economic development while at the same time protecting our climate is one of the key challenges of our time and a central investment priority for OeEB. Austrian businesses have extensive know-how in this field and we are proud to support Swimsol in expanding this innovative clean energy solution”.

Antoine Prédour, head of climate finance and member of senior management at responsibility, said: “We are excited to support Swimsol in expanding their already substantial solar portfolio. Solar solutions create a direct benefit to the Climate via a reduction in diesel usage on the islands, and we look forward to supporting them in the future in Maldives and other island nations”.