Seychelles President James Michel has declared the launching of a renewable energy initiative in collaboration with the UAE's Masdar Company to ensure new sources of energy for the country's people, the first of its kind in the African continent.

He said, "The democracy of renewable energy" initiative would give hope to the people of Seychelles to obtain solar and wind energy to tackle a severe shortage in domestic energy sources because of the country's poor hydrocarbon wealth and small financial resources needed to import energy."

President Michel added that his country is cooperating with Abu Dhabi-based Masdar Company in the new energy initiative which involves the establishment of wind and solar energy projects to secure future domestic needs.

He paid tributes to Abu Dhabi for helping Seychelles in constructing a wind energy station and supporting plans to set up a solar energy project, adding that the new initiative is also intended to achieve sustainable development and encourage investors in this field.

"The scarcity of water resources in Seychelles requires us to rely on sea water and this naturally requires energy. Therefore, ensuring new sources of energy has become essential for our country and I would like to thank Abu Dhabi for its help in this respect. We welcome investors from the UAE, other Gulf states or any other country to set up renewable energy projects in Seychelles," he said.

President Michel noted that Masdar has helped Seychelles build a six-MW wind energy station in the capital Victoria, the first renewable energy project in Seychelles.

He added that the station ensures more than eight per cent of the energy needs of Mahe Island, home to over 90 per cent of Seychelles' population. He noted that the project was funded through a $28-million (AED102.8 million) grant provided by the government-owned Abu Dhabi Fund for Development.

President Michel said that Abu Dhabi, the global renewable energy capital, would host a "blue economy" summit in 2016 in collaboration with Seychelles on the sidelines of the energy summit due to be held at the exhibition centre in Abu Dhabi.

"I will attend the energy summit which is a major gathering aimed at discussing challenges affecting energy, water and sustainable development issues. This summit constitutes an important platform to exchange views between global decision makers."

Recent figures showed that the renewable energy was the largest recipient of investments in the energy industry last year, accounting for nearly 16 per cent of the total energy investment or around $310 billion.