Seychelles Secures Historic Financing for First Utility-Scale Floating Solar Project
French renewable energy company Qair has secured a $5.7 million senior debt facility from the Facility for Energy Inclusion (FEI) to finance the development, construction, and operation of a 5.8 MWp floating solar plant in Providence Lagoon on Mahe Island, Seychelles. The project, known as the Seysun Lagoon Floating PV plant, represents the country’s first utility-scale independent power producer project and one of the largest floating solar installations in Africa.
The facility will operate under a 25-year power purchase agreement with the Public Utilities Corporation and is expected to play a critical role in advancing Seychelles’ energy diversification efforts. Once operational, the plant will reduce reliance on imported fossil fuels and help stabilize electricity costs while contributing to the national target of generating 15% of energy from renewables by 2030.
Qair obtained the project through a government tender and is working in partnership with local renewable energy company Vetiver Tech. The floating installation addresses land constraints faced by island nations, providing a pathway for clean energy expansion without competing for limited onshore space.
Carmen de Castro, Managing Director at Cygnum Capital, highlighted the significance of the investment, noting its role in supporting innovative clean energy solutions across Africa’s island nations. Olivier Gaering, Qair’s Indian Ocean Regional Director, described the financing as a major milestone that comes just weeks after securing financing for a hybrid solar and storage project in Mauritius.
Sources: offshore-energy.biz, feiafrica.com
