Sweden's Minesto Signs Agreement to Develop Maldives Tidal Energy Project

en.Wedoany.com Reported - On October 26, Swedish marine energy technology company Minesto announced that it has signed a memorandum of understanding with Morteza Capital to jointly advance the development of a commercial tidal energy project in the Maldives. The two parties will adopt Minesto's Dragon subsea power generation technology and conduct project site selection, technical assessment, investment structuring, and commercial cooperation around local tidal currents and ocean current resources, exploring the deployment of tidal energy generation equipment in the Maldives' island power supply systems.

Under the cooperation arrangement, Minesto will be responsible for providing Dragon tidal energy generation technology, engineering expertise, and technical support for project development. Morteza Capital will leverage its investment network and project development resources in the Maldives and the Indian Ocean region to help identify sea areas suitable for building tidal energy generation facilities, organize local partners to participate in project development, and facilitate investment and commercial cooperation arrangements.

The Dragon system planned for adoption by both parties is an underwater kite-style power generation device. The device uses an underwater hydrofoil structure to move along a specific trajectory, enabling the onboard turbine to achieve a higher relative water flow velocity, thereby generating electricity from the kinetic energy of tidal currents and ocean currents. The system is primarily aimed at sea areas with lower flow velocities, and the equipment deployment location can be selected according to local current conditions, with electricity transmitted to power-consuming facilities via submarine cables.

Minesto has also received market development funding support from the Nordic Project Fund (Nopef) to advance the preliminary work of the Maldives commercial tidal energy project. The company plans to invest the relevant funds in local market development and to work with Morteza Capital on potential project screening, technical adaptation, and commercial cooperation.