Paris-based renewable energy company Qair has secured $5.7 million in senior debt financing to develop a 5.8 MW floating solar project in the Seychelles, following delays due to the COVID-19 pandemic.
The floating solar farm, called Seysun Lagoon, will be built in Providence Lagoon on Mahé Island. The project has been in planning since 2020 and has a 25-year power purchase agreement with the Public Utilities Corporation, the main utility in Seychelles.
Qair secured the project through a government tender and will develop it with local renewable energy partner Vetiver Tech. Local media reports indicate that the project was delayed by the pandemic and supply chain disruptions, but with the final agreement finalized, construction is expected to be completed and operational within the next 18 to 24 months.
The $5.7 million in senior debt financing will support the construction, operation, and maintenance of the floating solar farm. The funds come from the Energy Inclusion Fund (FEI), managed by Cygnum Capital, a London-based investment bank and asset management firm.
Carmen de Castro, Managing Director and Head of Funds at Cygnum Capital, stated 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 to date in Africa.
Olivier Gaering, Regional Director for the Indian Ocean at Qair, added, "We sincerely thank FEI for their trust and support, which will help us provide clean, reliable electricity to Mahé Island while supporting the Seychelles in achieving its ambitious sustainable development goals."
Seychelles aims to source 15% of its energy from renewable sources by 2030. According to the International Renewable Energy Agency (IRENA), the country's installed solar capacity was 18 MW by the end of 2024, a figure that remained unchanged over the previous three years.
Paris-based renewable energy company Qair has secured $5.7 million in senior debt financing to develop a 5.8 MW floating solar project in the Seychelles, following delays due to the COVID-19 pandemic.
The floating solar farm, called Seysun Lagoon, will be built in Providence Lagoon on Mahé Island. The project has been in planning since 2020 and has a 25-year power purchase agreement with the Public Utilities Corporation, the main utility in Seychelles.
Qair secured the project through a government tender and will develop it with local renewable energy partner Vetiver Tech. Local media reports indicate that the project was delayed by the pandemic and supply chain disruptions, but with the final agreement finalized, construction is expected to be completed and operational within the next 18 to 24 months.
The $5.7 million in senior debt financing will support the construction, operation, and maintenance of the floating solar farm. The funds come from the Energy Inclusion Fund (FEI), managed by Cygnum Capital, a London-based investment bank and asset management firm.
Carmen de Castro, Managing Director and Head of Funds at Cygnum Capital, stated 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 to date in Africa.
Olivier Gaering, Regional Director for the Indian Ocean at Qair, added, "We sincerely thank FEI for their trust and support, which will help us provide clean, reliable electricity to Mahé Island while supporting the Seychelles in achieving its ambitious sustainable development goals."
Seychelles aims to source 15% of its energy from renewable sources by 2030. According to the International Renewable Energy Agency (IRENA), the country's installed solar capacity was 18 MW by the end of 2024, a figure that remained unchanged over the previous three years.
