FENAKA Corporation Limited has revealed its goal to change 70 percent of their electricity services to renewable energy by 2023.

Speaking at a meeting of parliament’s Environment and Climate Change Committee’s subcommittee on Monday, the corporation’s Director, Abdulla Nashith revealed that work is currently underway to draft a plan to generate renewable energy across ten islands.

Further, FENAKA’s Director revealed that they are offering proposals to interested foreign parties under the Contractor and Finance Policy and that they are working closely with the Ministry of Finance and Treasury to carry out future projects.

Nashith went on to reveal that they have either budgeted or planned programs to increase solar energy generation across several atoll and that future programs will be conducted with the cooperation from foreign parties to generate electricity at a lower cost.

Additionally, he said that renewable energy investments are high when looking into capital investment and that costs are expected to reduce when considering renewable energy for a long-term period.