Highest bidder contracted for Hulhumale' power plant project!

Sep 6, 2025, 5:20 AM

Adhadhu has learnt that the highest bidder was awarded the contract for the construction of a new power plant in Hulhumale'.

State Electric Company Limited (STELCO) signed the agreement with China Machine Engineering Corporation (CMEC) during President Mohamed Muizzu's recent visit to China.

STELCO did not disclose the contract value or any other details.

According to figures obtained by Adhadhu, CMEC proposed USD 121 million (MVR 1.86 billion) to complete the work within two years.

Two other companies took part in the bidding process. They are Mohan Mutha Exports and China Energy Engineering.

Mohan Mutha proposed USD 119 million (MVR 1.83 billion) while China Energy Engineering proposed USD 108 million (MVR 1.66 billion).

The contract was awarded to the highest bidder with a difference of MVR 30.8 million and MVR 200 million compared to the other two bidders.

China Energy Engineering is a company specializing in the energy sector. CMEC is a company that carries out projects such as flat construction and road construction. Mohan Mutha is a leading importer of construction materials in the Maldives.

This is the second phase of the Fifth Power Development Project. It includes the construction of a 58 MW power plant on a design and build basis.

STELCO China

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