Minesto enters MoU in Maldives for tidal energy development

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."

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