Qair has completed financing for its hybrid Stor’Sun project in Mauritius.
The investment totals Rs7 billion, or about $150m, and includes partnerships with SBM Bank for Stor’Sun I, II and IV and with MCB for Stor’Sun III, said the company.
Qair stated that the financing represents one of the largest energy investments in the Indian Ocean in recent years.
Abdoulaye Touré, CFO of Qair Africa, said: “Stor’Sun is a proof of concept for Qair’s ability to deliver transformative, bankable projects in complex environments. This achievement positions us as a partner of choice for funders seeking scalable solutions in the global energy transition. We thank forward-thinking financial partners such as SBM Bank and MCB for their trust, reflecting their confidence in Qair’s ability to projects that align economic growth with environmental sustainability.”
The project integrates 60MWc of solar with 256MWh of battery storage to address grid stability, affordability and carbon reduction.
Once operational it is expected to supply 8% of Mauritius’ national electricity demand and reduce reliance on fossil fuels.
Qair said the project will lower energy costs compared with thermal solutions and provide a replicable model for other regions facing similar transition challenges.
Qair has 1.7GW in operation or construction and a pipeline of 35GW across 20 countries.