The Accelerating Sustainable Private Investments in Renewable Energy (ASPIRE) Project of Maldives would: (i) enable private sector investing in PV infrastructure development; and (ii) diversify the investment base in the country through developing a local market and expertise in renewable energy. This will benefit the private sector engaging in the renewable energy sector of Maldives. This project consists of three components. The ASPIRE is structured around three main components, through which the investment framework is operationalized: (1) Technical Assistance Support to GoM for institutional capacity building, preparation of the initial set of prospective subprojects for offering to private investors, and subsequent pipeline preparation, and (2) Structuring and Delivery of Tariff Buy Down for currently planned and subsequent subprojects, and (3) Security Package to cover payment shortfalls, and early subproject termination payments. The components will make strategic use of the different funding sources (IDA, SREP, GoM and private sector funding) to push for increasing private sector risk taking in this nascent sector. It should be noted that other funding sources may be added to fund these components, as the program develops a pipeline and a track record.