French renewable energy company Qair has secured a $5.7 million (approximately € 4.8 million) senior debt facility from the Facility for Energy Inclusion (FEI), managed by Cygnum Capital, to finance the development, construction, and operation of a 5.8 MWp floating solar plant in Providence Lagoon on Mahe Island, Seychelles.
According to Qair, the Seysun Lagoon Floating photovoltaic (PV) plant is part of Seychelles’ national renewable energy roadmap. It will operate under a 25-year power purchase agreement (PPA) with the Public Utilities Corporation.
Qair obtained the project through a government tender and is working in partnership with local renewable energy company Vetiver Tech.
“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,” said Carmen de Castro, Managing Director and Fund Lead at Cygnum Capital.
Once operational, the facility is expected to reduce reliance on imported fossil fuels, help stabilize electricity costs, and contribute to Seychelles’ target of generating 15% of its energy from renewables by 2030. The floating installation addresses land constraints faced by island nations, providing a pathway for clean energy expansion without competing for limited onshore space.
“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,” said Olivier Gaering, Indian Ocean Regional Director at Qair.
“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 has been active in Africa for more than 15 years and operates 65 MW of installed capacity across the continent. The company is developing a pipeline of over 2 GW in solar, wind, and hybrid projects tailored to regional energy needs.
In 2023, Qair and the Republic of Seychelles’ Public Utilities Corporation signed a PPA for a 5.8MWp floating solar project, the first in the history of the Seychelles.
