MCB led a USD 400m syndicated facility for Karpowership Group’s affiliate, Sea World Energy Holdings Limited

The Mauritius Commercial Bank (“MCB”) has successfully closed the first USD 400m syndicated facility of Sea World Energy Holdings Limited (“Sea World”) which consolidates the operations of Karpowership Group in Africa. MCB acted as the sole Mandated Lead Arranger (MLA) and Account Bank. The transaction was very well received by the market based on the level of interest and commitments received from other lenders, closing at the targeted amount of USD 400m.

 Karpowership Group (“Karpowership”) is a pioneer and a market leader in providing power generation plants on floating barges, referred to as Powerships. Karpowership has a fleet of 40 Powerships with an installed capacity of 8,000MW. It operates in 14 countries, from South America, Africa to Asia.

The USD 400m syndicated facility is a highly bespoke financing solution, purpose-built for Karpowership’s dynamic business model of deploying floating power plants. It was structured as a portfolio financing leveraging on a pool of signed Power Purchase Agreements (PPAs) in Africa and giving Karpowership financing flexibilities. Proceeds from the facility will be used towards the liquidity management of Karpowership.

“We are proud to announce the closing of this landmark transaction with Karpowership Group, a milestone that reflects our shared vision to create meaningful and lasting impacts on Africa’s electrification journey. This achievement will further support Karpowership’s ambitious growth strategy while also showcasing the continued buildup of MCB’s capabilities for Power & Infrastructure transactions. We would like to extend our sincere and personal thanks to the Karpowership team for their trust and confidence in our franchise and in our Bank. Together, we look forward to contributing further to the continent’s growth” said Youri Harel, Head of Specialised Finance, MCB. 

“The successful closing of this USD 400 million syndicated facility represents a significant step in strengthening Karpowership’s capital structure and optimizing our liquidity management framework. This tailored financing solution enhances our balance sheet efficiency and provides the flexibility required to support our growing portfolio across Africa. We value the continued partnership with MCB and appreciate their deep understanding of our operating model, which has enabled the development of a financing structure aligned with our strategic and operational objectives” said Tuğrul Öz, Karpowership Group’s Finance Executive Director.