Wedoany.com Report-Aug. 21, French renewable energy company Qair has obtained a $5.7 million (€4.8 million) senior debt facility from the Facility for Energy Inclusion (FEI), managed by Cygnum Capital, to develop a 5.8 MWp floating solar photovoltaic plant in Providence Lagoon, Mahe Island, Seychelles. The Seysun Lagoon project, part of Seychelles’ national renewable energy roadmap, will operate under a 25-year power purchase agreement with the Public Utilities Corporation.

Qair secured the project through a government tender, partnering with local renewable energy firm Vetiver Tech. The floating solar plant, one of Africa’s largest, addresses land scarcity on island nations, enabling clean energy production without competing for limited onshore space. It supports Seychelles’ goal of achieving 15% renewable energy by 2030, reducing dependence on imported fossil fuels and stabilizing electricity costs.

Carmen de Castro, Managing Director and Fund Lead at Cygnum Capital, stated: “This investment underscores FEI’s commitment to supporting innovative clean energy solutions across Africa’s island nations. As the first IPP utility-scale project in Seychelles and one of the largest floating solar PV projects in Africa, it represents a significant milestone for the region. We are proud to support Qair in bringing this landmark project to fruition, helping drive progress toward Seychelles’ renewable energy targets.”

Olivier Gaering, Indian Ocean Regional Director at Qair, said: “This financing from the Facility for Energy Inclusion is a major milestone for Qair in Seychelles. The Seysun Lagoon Floating PV plant will be the country’s first of its kind, and we sincerely thank the FEI for their trust and support, which will enable us to deliver clean, reliable power to Mahe while supporting Seychelles’ ambitious sustainability goals. Coming just weeks after securing financing for a hybrid solar and storage project in Mauritius, it reinforces our momentum and puts us firmly on course to accelerate clean energy deployment across the Indian Ocean and Africa.”

Qair, active in Africa for over 15 years, manages 65 MW of installed capacity across the continent and is developing a 2 GW pipeline of solar, wind, and hybrid projects tailored to regional needs. The Seysun Lagoon project, formalized in 2023 with the Public Utilities Corporation, marks Seychelles’ first floating solar initiative, advancing the nation’s sustainable energy ambitions.

The project highlights innovative solutions for clean energy in island nations, fostering regional collaboration and supporting Seychelles’ transition to a more sustainable energy future.