STELCO is seeking a partner for a joint venture company to implement the project. The project is designed to execute special renewable energy projects in 28 islands where electricity is provided by STELCO. Chairman Ahmed Shareef told Haveeru on Tuesday that the company plans to invest on two technologies of renewable energy which includes floating solar panels to generate 50 megawatt electricity needed for the capital Male. “To generate our target electricity which is 50 megawatts, we need 300 hectares to install solar panels. But such a large land is not available in the Male region. So we have decided to install floating solar panels and connect it to STELCO’s main engines,” Shareef explained. He also said a project to install solar panels on rooftops of houses would commence during the year. Based on the electricity generated, a certain amount from electricity bills of such households will be deducted, he added. Shareef estimates the project to slash electricity bills by 30-40 percent. STELCO currently spends 80 percent of its revenue to purchase fuel to generate electricity. “From the research we did to reduce electricity bills, this the solution we found. There is no alternative but cut down on the amount spent on fuel. So we are hoping to kick start these two projects during this year which would see it positively reflected in the electricity bills in the next two years,” he said.