News flash
- Independent renewable energy company Qair has secured a USD 5.7 million senior debt facility from the Facility for Energy Inclusion (“FEI”), managed by Cygnum Capital, to finance the development, building, operations, and maintenance of a 5.8 MWp Floating Solar plant located in the Providence Lagoon on Mahé Island in Seychelles.
Listed as a key project in Seychelles’ national renewable energy roadmap, the Seysun Lagoon Floating PV plant is backed by a 25-year Power Purchase Agreement (PPA) with the Public Utilities Corporation. Qair secured the project through a government tender and will develop the project alongside its local renewable energy partner, Vetiver Tech.
Once operational, the plant will play a critical role in advancing Seychelles’ energy diversification efforts, reducing reliance on imported fossil fuels and helping to stabilize electricity costs. It represents a significant step toward achieving the national target of sourcing 15% of energy from renewables by 2030, as outlined in the country’s Nationally Determined Contributions (NDC). As a floating solar PV project, it also offers an innovative solution to the land constraints faced by island nations like Seychelles, unlocking clean energy generation without competing for limited onshore space.
Author: Bryan Groenendaal
