Soneva is expanding its solar power initiatives at its resorts in the Maldives, Soneva Fushi and Soneva Jani, with a $10 million investment from German-based Aareal Bank. The funding will increase the amount of electricity generated from renewable energy sources to over 50% at both resorts. Soneva is known for its commitment to clean energy and sustainability, having been carbon neutral since 2012, and incorporating a 2% environmental fee in its prices to offset carbon emissions. In 2008, Soneva Fushi became the first resort in the Maldives to install a solar power facility.
“While Soneva has been a carbon neutral company since 2012, it is the elimination of emissions from the operation of our resorts in remote locations that’s presented the greatest challenge to reaching our zero-carbon goal,” said Bruce Bromley, Chief Financial Officer and Deputy CEO of Soneva. “Our partnership with Aareal Bank is a cornerstone of our capital structure and this facility, which will now allow us to take a major step towards achieving carbon-free operations at our Maldives resorts, demonstrates Aareal Bank’s commitment to supporting companies like Soneva on our transition to a zero-carbon future.”

Aareal Bank, as an international property finance firm, aims to support sustainable growth globally by providing custom financing solutions and investment opportunities that align with its Green Finance Framework. The resorts are planning to install solar panels in strategic locations, making use of photovoltaic (PV) and battery hybrid systems to maximize daily sunlight hours. The resort teams are also working towards improving energy production through the integration of operations, including the construction of new substations.

“We are delighted that we have been able to support Soneva with a financing solution for modernising its hotel portfolio – which will bring about significant improvements in the energy efficiency of these properties,” said Thomas Adaemmer, CEO of Aareal Bank Asia Limited. “From a sustainability viewpoint, such modernisation efforts are constantly gaining importance for existing properties. We are pleased to be supporting implementation with our financing solutions – today and in the future.”

Once the installations are complete, Soneva Fushi is expected to have 2.1 MWp of solar power and 2,500 kWh of battery storage, resulting in a PV penetration of about 55% by mid-2023. Soneva Jani, on the other hand, is anticipated to have 2.8 MWp of solar power and 2,000 kWh of battery storage, resulting in a PV penetration of around 52%.