SBM Tower, Port Louis, 07 August 2025: SBM Bank (Mauritius) Ltd has reaffirmed its commitment to the country’s green energy transition by partnering once again with Qair, considered as a key player in the renewable energy sector. The bank is participating in the financing of the Stor’Sun I and II projects, two hybrid power plants that combine solar energy generation with large-scale battery storage. The total investment amounts to MUR 4.5 billion.
These projects, designed to supply power to the Central Electricity Board’s (CEB) grid, will deliver approximately 40 MWac of renewable energy. Thanks to the integration of battery storage, the plants will ensure a consistent energy output for at least 12 hours a day, helping to mitigate the intermittency challenges often associated with solar power. This is expected to bolster the stability of the national grid, enabling faster response times to demand fluctuations or system disturbances.
The collaboration continues a longstanding relationship between SBM Bank and Qair, which began in 2017 with the financing of the Helios Beauchamp solar plant. “The financing of Stor’Sun I and II 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. This partnership goes far beyond financial support, as it reflects our shared commitment to building a cleaner and more resilient energy future for Mauritius, and we welcome Qair’s renewed confidence in the bank,” says Rita Gujadhur, Officer-in-Charge of SBM Bank (Mauritius) Ltd.
Qair also emphasised the strategic nature of the partnership. “We chose SBM Bank to continue a strategic partnership that began in 2017 with the financing of Helios Beauchamp,” commented Olivier Gaering, Regional Director for the Indian Ocean at Qair. “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. SBM Bank has demonstrated its commitment to supporting the energy transition in Mauritius by adapting its financing solutions to the realities of these new-generation projects.”
Now entering the construction phase, the Stor’Sun I and II projects highlight the effectiveness of long-term collaborations between forward-thinking financial institutions and renewable energy developers. These projects are aligned with the country’s Renewable Energy (RE) Roadmap 2030 and its energy transition strategy centered on shifting from fossil fuel dependence to a diversified mix of renewables, including solar, wind, and biomass. As Mauritius moves towards greater energy self-sufficiency, such partnerships are expected to play a pivotal role in attracting the private investment needed to achieve the country’s ambitious sustainability goals.
Amid a rapidly evolving global energy landscape, SBM Bank is positioning itself as a catalyst for innovative, clean energy initiatives. The recent signing of a green credit line with the Agence Française de Développement (AFD), alongside a dedicated partnership with developers like Qair, effectively demonstrates the bank’s strong engagement to its sustainability pillars and commitments, thereby actively helping to shape a greener, more resilient future for the country.
