Seychelles is finalizing a strategy to attract investment in renewable energy and green technologies, with completion expected by year-end. The Seychelles Investment Board announced the initiative following a workshop with UNCTAD aimed at boosting investment and finance in the sector.
Strategy to Boost Investment in Seychelles’ Renewable Energy
Seychelles is making significant strides toward a sustainable energy future by finalizing a comprehensive strategy to attract investment in renewable energy and green technologies. This plan, set to be completed by the end of the year, marks a key step in the nation’s transition to greener energy sources. On Thursday, Anne Rosette, chief executive of the Seychelles Investment Board (SIB), shared details of these plans with the media. This announcement followed a workshop conducted in collaboration with the United Nations Conference on Trade and Development (UNCTAD).
Held at the Eden Bleu Hotel, the workshop was a key consultation for a three-year project aimed at boosting investment and finance in Seychelles’ renewable energy sector. The half-day session gathered stakeholders from various fields—including finance, environment, and renewable energy—to deepen their understanding of the nation’s energy transition and to collect feedback.
Addressing the workshop, Minister for Agriculture, Climate Change, and Environment, Flavien Joubert, highlighted the unsustainability of Seychelles’ dependence on imported petroleum products. He noted that geopolitical tensions have led to supply uncertainties and price fluctuations, making the country’s energy situation increasingly precarious.
Boosting Economy through Renewable Energy
Joubert emphasized the need for further work to identify attractive investment projects and expressed hope that the UNCTAD project would help Seychelles attract institutional investors.
According to Rosette, discussions to shape the strategy began in the first quarter of 2024. Following the workshop, SIB expects to identify bankable projects to promote to both local and international investors. “Renewable energy is cross-cutting,” Rosette explained. “It involves other sectors like the circular economy and waste management.” UNCTAD is supporting the process by collecting information, assisting with strategy implementation, and providing training for SIB personnel and stakeholders.
Tony Imaduwa, Principal Secretary for the Department of Energy, also addressed the challenges facing the sector. He noted that rising energy consumption by households and businesses impacts the percentage of power generated from renewable sources. To meet its targets, Imaduwa emphasized the importance of educating consumers on energy efficiency while exploring other renewable energy projects.
Seychelles’ Investment in Solar Energy
Seychelles has already made significant investments in solar energy. The nation’s largest solar farm, located on Ile Romainville, underscores its commitment to renewable energy. More recently, Seychelles signed an agreement with the French energy company Qair to install a 5-megawatt photovoltaic (PV) system in the lagoon at Providence on Mahé’s eastern coast.
Ile Romainville Solar Energy (Image: CC-BY)
The Seychelles 100 Percent Renewable Energy Strategy (SeyRES 100) is a key component of the nation’s energy transition plan. Joubert revealed that the strategy aims for a 15 percent share of renewable energy sources by 2030. It includes increasing electricity generation from renewables and modernizing the entire electricity sector.
In addition to solar projects, Seychelles is collaborating with the United Nations Development Programme (UNDP) and the Global Environment Facility (GEF) to offer financial incentives for renewable energy installations. Residential customers receive a 25 percent rebate on the total cost of PV systems and their installation, while commercial entities benefit from a 15 percent rebate.
Sustainable Solutions to Address Climate Change
As an archipelago located south of the equator, Seychelles faces unique challenges from climate change. Rising sea levels and extreme weather events threaten the nation’s existence. In response, the country is investing in sustainable solutions, including a 50,000-square-meter solar park on Île De Romainville and five wind turbines, each with an output of 750 kilowatts.
While Mahé’s electricity was previously generated mainly from fossil fuels, the new solar park and wind turbines now produce seven million kilowatt-hours of green electricity annually—enough for around 2,000 households. As Seychelles continues to invest in and expand its renewable energy infrastructure, it aims to secure a sustainable energy future while addressing the pressing challenges of climate change.
