Qair has secured $5.7 million in debt financing to develop Seychelles’ 1st utility-scale floating solar power project
The 5.8 MW floating PV plant will be among Africa’s largest solar projects on water, it adds
FEI financing supports project development, construction, and O&M, with local partner Vetiver Tech involved
French renewable energy company Qair has secured a $5.7 million senior debt facility for the 1st independent power producer (IPP) utility-scale project in Seychelles. The 5.8 MW project will also be one of the largest floating solar PV projects in Africa, according to the company.
Qair won the rights to build the floating solar power plant in Providence Lagoon on Mahé Island in a competitive auction, and signed a power purchase agreement with the country’s Public Utilities Corporation (PUC) in 2023 (see Africa PV News Snippets).
The Facility for Energy Inclusion (FEI) financing will enable Qair to finance the development, building, operations and maintenance of the floating PV project. Qair is developing the project in partnership with local renewable energy company Vetiver Tech.
“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 Indian Ocean Regional Director at Qair, Olivier Gaering.
Seychelles will be able to boost its renewable energy push with this floating solar power plant, which will cut reliance on imported fossil fuels and help it stabilize electricity costs. Qair says such facilities also address land scarcity by generating clean power on water.
The country currently relies heavily on imported fossil fuels that supply over 95% of its electricity, according to the World Bank. Seychelles targets sourcing 15% of its energy from renewables by 2030 under its National Energy Policy 2010-2030.
Under the World Bank-backed Seychelles Renewable Energy Acceleration Program (REAP) announced in June 2025, the country will scale up renewable energy, reduce its carbon intensity, and undertake grid modernization by unlocking private sector investment over the next 7 years.
Meanwhile, for Qair, this FEI financing follows a loan for its 60 MW AC hybrid solar PV and storage project in another African nation, Mauritius (see Middle East & Africa Solar PV News Snippets).