Qair secures financing for hybrid solar-storage project in Mauritius

French independent renewable energy producer Qair has secured approximately USD 150 million in financing for its flagship Stor’Sun project in Mauritius—a 60MWp hybrid solar-storage facility with 250MWh of capacity—in one of the largest investments seen in the Indian Ocean in recent years.

The funding was arranged by SBM Bank (for Stor’Sun I, II, and IV) and MCB (for Stor’Sun III). Qair said the milestone underscores its ability to structure complex financings while setting a new standard for grid stability, affordability, and carbon reduction, offering a scalable model for island nations and off-grid regions worldwide.

“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,” said Abdoulaye Touré, CFO of Qair Africa

The Stor’Sun hybrid solar-storage project is expected to supply 8% of Mauritius’ national electricity demand, significantly reducing the island’s reliance on fossil fuels. It will also deliver lower energy costs than traditional thermal solutions, making renewable energy more accessible and competitive.

Qair highlighted that the hybrid solar-storage project will serve as a replicable model for other regions facing similar energy transition challenges, particularly in Africa and island nations.

“The Stor’Sun project exemplifies Qair’s ability to develop scalable, high-impact renewable energy solutions that balance financial performance with environmental benefits,” said Qair in a statement.

The Stor’Sun project marks a significant milestone for Qair, which boasts 1.7 GW of capacity already in operation or construction and a diversified 35 GW pipeline across 20 countries—positioning the company to replicate this integrated model in other island nations and off-grid markets globally.