Spread across the equator of the world, we are a nation blessed with renowned tropical beauty. Our natural habitat beautiful, yet vulnerable, has been facing several environment challenges over the years.
As the largest utility company in the Maldives, with over 150 powerhouses and several utility plants in operation, we believe that it is in our corporate responsibility to take initiative in addressing the environmental issues faced by our island communities. With this earnest intention, we are leaping to take bold steps in adopting strategies environment-friendly and sustainable.
With abundant sunshine experienced across the country, solar power has proven to be an ideal alternative to diesel-based power generation. In solar power generation, solar photovoltaic technology is used to convert energy from the sun into electricity that we use.
We have established such systems in over 40 islands which have yielded positive results. Although solar and diesel hybrid power generation systems are in place, we have also been able to provide electricity entirely out of solar energy for a number of hours in many islands. Consequently, this has saved huge amounts of diesel from being burnt by diesel generators. The cost savings that Fenaka achieves through these are available for further investments in solar energy.
It is our aim to achieve 70% of our power generation through solar energy by 2023. We firmly believe that such targets can be only be achieved with the never-ending support and assistance from our stakeholders.
In addition to Fenaka setting up solar energy systems, we have also opened our doors for our customers to establish their own home solar energy systems, which will then be connected to the main electricity grid of the company. We have also put in place a net-metering policy that would reduce electricity bills borne by the customers to further encourage them towards sustainable energy strategies.
Through these initiatives, we intend to join hands to makes the Maldives a carbon-neutral country.