Soneva extends its solar power operations at Soneva Fushi and Soneva Jani in the Maldives with USD 10 million in investment from German-headquartered Aareal Bank, increasing renewable energy generation to more than 50% at both resorts.
For decades, Soneva has been at the forefront of renewable energy and sustainability in the premium hospitality business. Since 2012, its resorts have been proudly carbon neutral, and a 2% environmental tax is imposed on every Soneva stay, with earnings going toward carbon offsets. Soneva Fushi was also the first resort in the Maldives to establish a solar power facility in 2008, utilizing the island nation’s plentiful sunshine to minimize operational expenses without hurting the visitor experience.
Aareal Bank, as an international property finance firm, contributes to long-term global growth by arranging tailored financings and developing appealing investment possibilities that meet the criteria of the Bank’s patented Green Finance Framework.
Solar panels are already being installed in strategic spots around Soneva Fushi and Soneva Jani to maximize daily sunshine hours utilizing photovoltaic (PV) and battery hybrid systems. To optimize and balance energy output, resort teams are also working on increased operations integration, including the construction of additional substations.
“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 have 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.”