French independent power producer Qair has closed a financing agreement with SBM Bank (Mauritius) Ltd to support the development of its 60-megawatt (MW) Stor’Sun hybrid solar and battery energy storage system portfolio in Mauritius.
The four Stor’Sun projects, awarded to Qair in 2023, are among the country’s largest planned clean energy infrastructure developments and are aimed at helping Mauritius meet its target of generating 60% of electricity from renewable sources by 2030.
“The financing of Stor’Sun 1 and 2 marks an important step in our commitment to supporting next-generation energy infrastructure, contributing to the stability of the national electricity grid and the increased integration of renewable energies,” said Rita Gujadhur, Officer-in-Charge at SBM Bank.
Qair described SBM Bank as a long-term partner with experience in structuring complex energy transition projects. “This choice was based on the bank’s exceptional understanding of the challenges and specificities of large-scale, innovative projects, making it the clear long-term partner for Stor’Sun,” said Olivier Gaering, Qair’s regional director for the Indian Ocean.
Qair has operated in Mauritius since 2008 and currently runs a 10MW wind farm and 25.3MW of solar installations. The new Stor’Sun projects are part of the company’s broader strategy in Africa, where it operates 65MW, is financing 154MW, and has over 2GW of additional clean energy capacity under development across markets including Burkina Faso, Tunisia, Morocco, and Seychelles.
The company said the projects align with its goal of delivering affordable, clean, and reliable electricity across the continent. Financial terms of the deal were not disclosed.
