MCB backs Etu Energias in advancing Angola’s first inter-block offshore development

The Mauritius Commercial Bank (MCB) acted as Mandated Lead Arranger, lender, secured hedging provider, Security Agent and Transaction Bank to Etu, a local champion, on Project Begonia (Block 17/06), supporting the development and commissioning of the Begonia subsea tie-back to the Pazflor FPSO, the first inter-block development in Angola. 

MCB’s involvement included structuring and providing a comprehensive financing and hedging package to support the project’s capex and near-term commissioning costs.  

“MCB is proud to support Etu on this strategic offshore development which strengthens local energy capacity and contributes to sustainable value creation in the region,” said Matthew Thomas, Senior Relationship Manager, Specialised Finance. “Our role across lending, hedging and transaction services demonstrates the integrated solutions MCB delivers to complex energy projects.” 

The transaction was structured with robust environmental and social safeguards in line with MCB’s risk management standards. MCB remains committed to financing projects that unlock Africa’s economic potential while supporting the continent’s just transition objectives. 

Transaction snapshot

• Client: Etu Energias (leading indigenous E&P)
• Project: Project Begonia — inter-block offshore tie-back and commissioning support (Block 17/06)
• MCB roles: Joint Mandated Lead Arranger (MLA), lender, Facility & Security Agent 
• Other market participants / partners: TOTSA TotalEnergies Trading SA Joint MLA and Lender
• Transaction size: Confidential 

Key structuring highlights

• Supporting a project that is the first of its kind in Angola
• Integrated financing package combining senior lending and other banking products and services to support capex and commissioning risk.
• Security package and agency arrangements implemented to align lender protections across jurisdictions.
• Coordinated client service across structuring, legal, credit and transaction banking.

Why this matters 

• Supports an indigenous champion: reinforces Etu Energias’ position as a leading local E&P and strengthens domestic value creation.
• Market credibility: supporting Etu Energias demonstrates MCB’s market proximity in Angola and the partnership with TOTSA underscores international market confidence .
• Vision 2030 alignment: delivers on MCB’s strategic priority to mobilise capital for Africa’s critical infrastructure while focusing on sustainable, client-centred solutions

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