Independent developer Qair has secured USD 5.7 million in senior debt financing from the Facility for Energy Inclusion (FEI), a fund managed by Cygnum Capital. The funds will support all stages of the Seysun Lagoon Floating PV project, located in Providence Lagoon on Mahé Island, Seychelles, including construction, operations, and maintenance.
The project is underpinned by a 25-year Power Purchase Agreement (PPA) with the Public Utilities Corporation, the local public utility. It is part of Seychelles’ national renewable energy roadmap and was awarded to Qair following a public tender process. Qair is implementing the project in partnership with local renewable energy firm Vetiver Tech.
A first in Seychelles and a regionally significant project
This floating solar power plant is the first utility-scale project developed by an Independent Power Producer (IPP) in the archipelago. It also ranks among the largest floating solar projects on the African continent. The 5.8 MWp (megawatt-peak) installation is designed to optimise lagoon space without impacting Seychelles’ limited land resources.
The initiative marks a strategic step for the country as it seeks to diversify its energy sources and reduce its reliance on imported hydrocarbons. The project is expected to contribute to stabilising electricity costs on the island while improving grid resilience.
Institutional commitment and regional momentum
FEI’s financing reflects a growing interest in alternative energy solutions in small island states. Cygnum Capital, the fund manager, highlighted the innovative and structural nature of the project for African island energy markets. Qair, which recently secured funding for a hybrid solar and storage project in Mauritius, is expanding its portfolio across the Indian Ocean region.
Institutional support from FEI positions the Seychelles project as a potential reference for replicable models in similar geographic contexts. The private sector plays a key operational role under a structured regulatory framework supported by long-term purchase agreements.
