Qair has completed financing for its hybrid Stor’Sun project in Mauritius, marking one of the largest recent energy investments in the Indian Ocean.
The company said the Rs7 billion (about $150m) package includes partnerships with SBM Bank for Stor’Sun I, II and IV, and with MCB for Stor’Sun III.
Abdoulaye Touré, CFO of Qair Africa, described Stor’Sun as proof of the company’s ability to deliver bankable projects in complex markets and said the deal strengthens Qair’s position with global energy-transition investors.
The project combines 60MWc of solar generation with 256MWh of battery storage to improve grid stability, reduce costs and cut carbon emissions.
Once operational, Stor’Sun is expected to supply about 8% of Mauritius’ national electricity demand and reduce the country’s reliance on fossil fuels.
Qair said the hybrid model will deliver lower energy costs than thermal generation and could serve as a replicable template for other island and emerging markets.
The company currently has 1.7GW in operation or construction and a global development pipeline of 35GW across 20 countries.
