Independent renewable energy company Qair has announced the successful financial close of its flagship Stor’SUN hybrid project in Mauritius, marking the largest energy project financing in the country in the past decade.
Valued at approximately USD 150 million (Rs 7 billion), the project combines 60 MWp of solar generation with 256 MWh of battery energy storage and is expected to supply around 8 percent of Mauritius’ national electricity demand once operational.
The financing was secured through partnerships with SBM Bank and MCB, representing one of the most significant renewable energy investments in the Indian Ocean region in recent years.
Qair said the Stor’SUN project demonstrates its capacity to structure complex renewable energy financings in island and emerging markets. The hybrid system is designed to enhance grid stability, reduce reliance on fossil fuels, and lower overall energy costs compared to conventional thermal power solutions.
“Stor’SUN is a proof of concept for Qair’s ability to deliver transformative, bankable projects in complex environments,” said Abdoulaye Touré, Chief Financial Officer of Qair Africa. He added that the project positions the company as a partner of choice for institutions seeking scalable energy transition solutions aligned with economic growth and environmental sustainability.
Beyond Mauritius, Qair described the project as a replicable model for other island nations and African markets pursuing energy security and decarbonisation.
The company currently has 1.7 GW of renewable capacity in operation or under construction and a diversified development pipeline of 35 GW across 20 countries.
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