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SBI Offshore Awarded First Solar Power Contract

Shares Investment

SBI Offshore has announced that its 51 percent-owned subsidiary, Graess Energy, through collaboration between Gräss Solartechnik Schweiz SA (GSS) and China Machinery Engineering Corporation (CMEC), has been awarded a contract for the sale of solar power in Maldives.

The solar photovoltaic systems will have an initial generation capacity of 1.5 megawatts and its total cost is expected to be around US$3.5 million. Total revenue from the sale of power is expected to be about US$550,000 per year.

GSS, a related company of Graess Energy, will design, engineer and build the solar photovoltaic system to be installed on the rooftops of government buildings in the Greater Male region. Graess Energy will cooperate with CMEC in the form of a special purpose company to own, operate and sell solar power to State Electric Company, a company wholly-owned by the Government of Maldives.



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