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The Facility for Energy Inclusion (FEI), managed by Cygnum Capital, will provide a $5.7 million senior debt facility as the sole lender to finance Qair Group’s 5.8 MWp floating solar project in Seychelles.
The plant will be built on Providence Lagoon, Mahé, and will supply power to the national grid.
The project, known as Seysun Lagoon Floating PV, is backed by a 25-year power purchase agreement with the Public Utilities Corporation.
Qair won the project through a government tender and will develop it in collaboration with its local partner, Vetiver Tech.
Seychelles aims to increase the share of renewables to 15% by 2030 under national policy.
Floating solar is expected to reduce reliance on imported fuels and help stabilise electricity costs for consumers.
In 2023, renewables supplied about 5% of total generation, highlighting the gap that this and other projects are intended to close.
FEI is an Africa-focused energy debt platform set up with support from the African Development Bank and managed by Cygnum Capital Asset Management.
It targets smaller grid-connected, mini-grid, and commercial and industrial projects across the continent.
Why it matters:
The Providence Lagoon plant will add new clean capacity on the main island, supporting energy diversification and security of supply.
The use of floating PV allows solar deployment without competing for scarce land, an important factor for island states.
Project facts at a glance
Capacity: 5.8 MWp (floating solar)
Location: Providence Lagoon, Mahé, Seychelles
Financing: US$5.7m senior debt from FEI (sole lender)
Offtaker: PUC, under a 25-year PPA
Developers: Qair Group with Vetiver Tech (local partner)
Policy context: 15% renewable energy target by 2030; renewables ~5% of generation in 2023.
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