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 coronership. 

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