Source: GlobeNewswire (MIL-OSI)
TORONTO, July 10, 2025 (GLOBE NEWSWIRE) — ABRAXAS POWER CORP. (“Abraxas” or the “Company”) is pleased to announce that its subsidiary, APM SPV Pvt Ltd., has signed an Investment Agreement with the Government of Maldives for the development of its flagship Project Solar City in the Republic of Maldives (aka “Luminosity”), a pioneering 100 MW mixed-use renewable energy project.
Following the successful execution of the Investment Agreement with the Government of Maldives, the President of the Maldives has issued a Presidential Decree, dated 1 July 2025, officially designating the Project Area as a Special Economic Zone under the Special Economic Zone Act (“SEZ Act”). This marks the first-ever Presidential Decree issued under the SEZ Act and represents a historic achievement for both Abraxas and the Maldives in advancing renewable energy and sustainable investment. The Project showcases the Abraxas team’s leadership and expertise in supporting a complex energy transition and advances Abraxas’ mandate to develop projects that further the UN Development Programme’s sustainable development goals, specifically Sustainable Development Goal 7: Ensure access to affordable, reliable, sustainable and modern energy for all.
“Our initiative in the Maldives represents a transformative step toward a cleaner, more resilient energy future,” said Mr. J. Colter Eadie, Chief Executive Officer of Abraxas. “By leveraging sustainable innovation and strategic investment, we aim to cut emissions, lower energy costs, and meet up to 50% of Greater Malé’s electricity demand with 100% clean power. This project not only strengthens national energy security by reducing reliance on imported fossil fuels, but also supports the country’s foreign reserves by addressing one of its largest sources of capital outflow. With stable, long-term pricing insulated from global volatility, we are proud to support the Maldives in setting a new standard for environmental leadership and energy independence.”
The Project aligns with the Maldives government’s goal of ensuring adequate, reliable, sustainable, secure, and affordable energy to foster prosperity, and represents a crucial milestone in achieving the country’s net zero targets by 2030. The Project alone has the potential to fulfill the commitment made by the Maldives’ President Dr. Mohamed Muizzu during the COP28 summit to generate at least 33% of the Maldives’ energy needs through renewable sources by 2028.
Eadie continued, “This project is about more than clean energy — it’s about transferring knowledge, technology, and global best practices to empower local enterprises and accelerate infrastructure development across the Maldives. It demonstrates how strategic investment can generate far-reaching benefits, driving inclusive growth and long-term prosperity. We are proud to partner with the Government of the Maldives to bring this vision to life.”
About Abraxas Power Corp.
Abraxas is an energy transition developer focused on decarbonizing hard-to-abate sectors and creating value by solving the current and future challenges of the energy transition. Abraxas’ broad mandate allows it to see opportunities across technologies and geographies to transform the global energy industry. Our team has extensive experience in leading, financing, and solving the challenges associated with energy transition and a proven track record of delivering complex, large-scale development projects across various disciplines, including renewable power and storage, hydrogen and ammonia production, industrial and precious metals, large-scale project construction, and operations at scale. The team possesses strong project finance and capital markets experience and has a history of creating value for shareholders, stakeholders, and the communities they live in. Abraxas has signed strategic partnerships with various global strategics and technology providers.
Abraxas has secured over US$9 billion in capital projects through competitive government awards over the past year in furtherance of the energy transition, including our marquis Exploits Valley Renewable Energy Corporation project in Newfoundland, Canada.
To learn more, visit www.abraxaspower.com
Cautionary Notes
Certain statements contained in this press release constitute “forward-looking statements”. All statements other than statements of historical fact contained in this press release, including, without limitation, statements regarding the development of the Project, the ability of the Project to meet the Company’s targets for energy generation, Abraxas’ plans, objectives, goals and targets, and any statements preceded by, followed by or that include the words “believe”, “expect”, “aim”, “intend”, “plan”, “continue”, “will”, “may”, “would”, “anticipate”, “estimate”, “forecast”, “predict”, “project”, “seek”, “should” or similar expressions or the negative thereof, are forward-looking statements. These statements are not historical facts but instead represent only Abraxas’ expectations, estimates and projections regarding future events. These statements are not guarantees of future performance and involve assumptions, risks and uncertainties that are difficult to predict. Therefore, actual results may differ materially from what is expressed, implied, or forecasted in such forward-looking statements. Management provides forward-looking statements because it believes they provide useful information to investors when considering their investment objectives and cautions investors not to place undue reliance on forward-looking information. Consequently, all of the forward-looking statements made in this press release are qualified by these cautionary statements, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Abraxas. These forward-looking statements are made as of the date of this press release and Abraxas assumes no obligation to update or revise them to reflect subsequent information, events, or circumstances or otherwise, except as required by law.