Paris & Mahé, August 21, 2025 – 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.
“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.
“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 Mahé 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.”