(Seychelles News Agency) - Seychelles is receiving $8.5 million for a new solar installation that will increase the island nation's usage of renewable energy, State House said Thursday.

The funds -- given by the International  Renewable Energy Agency (IRENA) based in Abu Dhabi -- will finance a new solar panel farm on Ile de Romainville, a reclaimed island close to the country’s capital, Victoria. The advancement was lauded by the archipelago's president.

“This demonstrates that Seychelles is on the right path in terms of sustainable development, but it is also clear that we need to move faster as a nation with the implementation of renewable energy," Seychelles' President Danny Faure said in the statement.

Faure added that, “We will review and adjust our country’s original target of achieving 15 percent of renewable energy contribution by 2030 – we can do more. Technology is moving fast, and the country needs to keep up with the same pace.”

The other three countries which will also benefit from the fund are Niger, the Marshall Islands and the Solomon Islands.

The head of state of Seychelles, a group of 115 islands in the western Indian Ocean, attended the World Future Energy Summit (WFES) in Abu Dhabi, United Arab Emirates earlier this week. The summit -- a global discussion onthe future of renewable energy, clean technology and sustainability -- was part of Abu Dhabi Sustainability Week, now in its 10th year.

On the sideline of the summit, President Faure discussed ongoing cooperation in the fields of renewable energy, housing, and the health sector to further benefit Seychelles with Mohammed bin Zayed, the Crown Prince of Abu Dhabi and Deputy Supreme Commander of the armed forces.

Faure also had the honour to present the Zayed Future Energy Prize.  The award which is for the African continent in the global high schools category went to Starehe Girls’ Centre in Kenya.

The Seychelles’ President expressed his wish that both public and private schools of Seychelles continue to participate in the annual event and receive similar recognition one day.