Image: Paweł Wielądek, Unsplash
Paris head office Renewable energy company QAIR has protected $ 5.7 million to finance the development of a floating solar project of 5.8 MW in the Seychelles.
The floating solar project of Seysun Lagoon will be located on the Lagoon of Providence on Mahé Island. The project has since been in the pipeline 2020 And is already supported by a 25-year-old electricity purchase agreement with Public Utilities Corporation, the most important utility of the Seychelles.
Qair has insured the project through a government offer and will develop alongside local partner Vetiver Tech for the local renewable energy.
Local press in the Seychelles reported that the project was confronted with delays due to the pandemic and supply chain disruptions, but with definitive agreements completion and commissioning are focused on the next 18 to 24 months.
The senior debt facility of $ 5.7 million will support the building, the operation and maintenance of the floating solar project. The financing comes from the Facility for Energy Inclusion (FEI) managed by the London investment banking and asset management company Cygnum Capital.
Carmen De Castro, the director and fund leader of Cygnum Capital, noted that the Seysun Lagoon project is the first solar project on Nutschalt under the guidance of an independent power producer in the Seychelles and one of the largest floating sun projects in Africa so far.
“We sincerely thank Fei for their trust and support, which will be able to deliver a clean, reliable power to Mahé and at the same time support the ambitious sustainability goals of Seychelles,” added Olivier Gaering, Qair’s Regional director of the Indian Ocean.
The Seychelles have set an objective to buy 15% of its energy from renewable energy sources by 2030. According to figures from the International Renewable Energy Agency (Irena), the country at the end of 2024 had 18 MW of solar capacity, the same figure reported over the previous three years.
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