With USD 10 million in funding from the German-based Aareal Bank, Soneva has increased its solar power operations at Soneva Fushi and Soneva Jani in the Maldives, raising the amount of electricity produced from renewable sources to over 50 percent at both resorts.
For many years, Soneva has been a leader in the premium hospitality sector when it comes to sustainability and clean energy. Since 2012, Soneva has been proudly operating carbon-neutral resorts, and each stay includes a 2 percent environmental fee that goes toward reducing carbon emissions. In addition, Soneva Fushi was the first resort in the Maldives to set up a solar power facility in 2008. By doing so, it was able to lower operating expenses without sacrificing the quality of service for visitors.
“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.”
By designing custom financings and developing alluring investment opportunities in accordance with the standards of the Bank's in-house Green Finance Framework, Aareal Bank, an international property finance firm, supports sustainable global growth.
"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.”
Photovoltaic (PV) and battery hybrid systems are already being planned to be installed at strategic locations across Soneva Fushi and Soneva Jani to maximize daily sunlight hours. To optimize and balance energy output, resort teams are also striving toward deeper operations integration, including the construction of additional substations.
By the middle of 2023, Soneva Fushi will have constructed a total of 2.1 megawatts peak (MWp) and 2,500-kilowatt hours (kWh) of battery storage to achieve a combined PV penetration of about 55 percent. Soneva Jani installations will total 2.8 MWp, which when combined with 2,000 kWh of battery storage, is predicted to produce a PV penetration of about 52 percent.
