Paris-headquartered renewable energy company Qair has secured $5.7 million to finance the development of a 5.8 MW floating solar project in the Seychelles.
The Seysun Lagoon floating solar project will be located on the providence lagoon on Mahé Island. The project has been in the pipeline since 2020 and is already backed by a 25-year power purchase agreement with Public Utilities Corporation, the Seychelles’ main utility.
Qair secured the project through a government tender and will develop it alongside local renewable energy partner Vetiver Tech.
Local press in the Seychelles reported the project faced delays due to the pandemic and supply chain disruptions but with final agreements in place, completion and commissioning is targeted within the next 18 to 24 months.
The $5.7 million senior debt facility will support the building, operation and maintenance of the floating solar project. The financing comes from the Facility for Energy Inclusion (FEI) managed by London-based investment banking and asset management firm Cygnum Capital.
Carmen de Castro, Cygnum Capital's Managing Director and Fund Lead, commented that the Seysun Lagoon project is the first utility-scale solar project led by an independent power producer in the Seychelles and one of the largest floating solar projects in Africa to date.
“We sincerely thank FEI for their trust and support, which will enable us to deliver clean, reliable power to Mahé while supporting Seychelles’ ambitious sustainability goals” added Olivier Gaering, Qair's Indian Ocean Regional Director.
The Seychelles has set a target of sourcing 15% of its energy from renewables by 2030. According to figures from the International Renewable Energy Agency (IRENA), the country had 18 MW of solar capacity at the end of 2024, the same figure reported across the preceding three years.
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