Qair, an independent renewable energy producer, secured $5.7 million senior debt financing from the Facility for Energy Inclusion, managed by Cygnum Capital, an investment bank and asset management firm.
The facility will support the development, building, operations, and maintenance of the 5.8 MWp Seysun Lagoon Floating solar project located in the Providence Lagoon on Mahé Island in Seychelles.
The project benefits from a 25-year power purchase agreement with the Public Utilities Corporation.
Qair will develop the project alongside Vetiver Tech, a local renewable energy company.
“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.
Last year, the company closed financing for two 10 MW solar projects located in the Kasserine Governorate, Tunisia, with the European Bank for Reconstruction and Development. Qair also secured funding for the 36 MW solar project in Zimnodole, Poland, in February 2024.
According to Mercom’s 1H and Q2 2025 Solar Funding and M&A report, large-scale project funding increased by 65% in the first half of 2025 compared to the same period in 2024.
In August, Green Genius, a renewable energy company, entered into financing agreements for up to €64 million (~$75 million) with the Nordic Investment Bank and NORD/LB. The funding will be used for the development of two solar projects totaling 182 MWp in Lithuania.
