Swedish ocean energy developer Minesto has signed a memorandum of understanding (MoU) with Morteza Capital, a Maldives- and Indian Ocean-focused investment and development firm, to develop commercial tidal energy opportunities in the Maldives.
The partners will jointly pursue commercial project opportunities in the Maldives. The collaboration combines Minesto's technology and technical expertise with Morteza Capital's regional market knowledge, established stakeholder networks and capabilities in project development and investment structuring.
"The transition away from diesel-based electricity generation is challenging for island communities, particularly where preserving the natural environment is essential to the local economy. The Maldives is a market where our technology has the potential to make a real difference," said Martin Edlund, CEO of Minesto.
"Our collaboration with Morteza aligns perfectly with our go-to-market strategy. We seek to combine our technology and tidal energy know-how with strong local expertise and commercial development capabilities to pursue tidal deployment opportunities."
Minesto has secured funding from the Nordic Project Fund (Nopef) to support market development activities in the Maldives, which it plans to use to support continued development of opportunities in the market.
The MoU with Morteza Capital forms part of the Swedish company's broader strategy to accelerate international market development through close long-term partnerships with local and regional energy project developers and investors.
"The Maldives has ambitious but challenging renewable energy aspirations to reduce reliance on imported fossil fuels. We see strong potential for Minesto's innovative tidal energy technology to help overcome these challenges. By combining Minesto's proven technology with our local networks, investment expertise and project development capabilities, we aim to create a pathway towards commercially viable tidal energy projects that support the country's energy transition while preserving its exceptional natural environment," said Ghaly Murthala, Managing Director of Morteza Capital.
This MoU follows Minesto's signing of an MoU with Chilean energy project developer Trayen Power to work together on the development of tidal and ocean current energy projects in Chile, as well as being selected to participate in the Swedish government-backed initiative Sweden-Indonesia Sustainability Partnership (SISP) to accelerate tidal energy development in Indonesia.