Nairobi — The Mauritius Commercial Bank (MCB) has arranged and closed a $400 million syndicated facility for Sea World Energy Holdings Limited, the affiliate consolidating Karpowership Group’s operations across Africa.
MCB served as the sole Mandated Lead Arranger and Account Bank for the transaction, which the lender says was well received by participating financiers and closed at the targeted $400 million mark.
Karpowership, which deploys floating power plants known as Powerships, operates a fleet of 40 vessels with an installed capacity of 8,000MW across 14 countries spanning South America, Africa and Asia.
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The syndicated facility was structured as a portfolio financing leveraging a pool of signed Power Purchase Agreements in Africa. The arrangement is designed to support the company’s liquidity management and offer financing flexibility for its expanding African portfolio.
“This bespoke transaction stands as a testament to the capabilities of MCB in understanding and supporting its clients’ strategy by offering Karpowership Group an integrated and innovative financing solution, while ensuring continued access to investors. We would like to thank the Karpowership team for their trust and the close relationship we have built over the past years,” said Mathieu Delteil, Global Head of Structured Finance at MCB.
MCB’s Head of Specialised Finance, Youri Harel, said the deal underscores the bank’s growing role in regional power and infrastructure financing.
“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.”
NK Naginlal Modi, Team Leader for the Power & Infrastructure desk at MCB, said the structure was designed to enhance capital efficiency and future financing access.
“We are very excited to have closed this landmark transaction with a longstanding client. Taking into consideration Karpowership’s requirements, this transaction not only optimises capital efficiency and risk diversification but also creates a self-reinforcing framework — one that enables future indebtedness to be raised seamlessly to support future growth plans. This is a testimony to MCB’s dedication in bringing adapted financing solutions to its clients.”
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Karpowership Group’s Finance Executive Director, Tuğrul Öz, said the deal strengthens the company’s financial position as it expands its footprint in Africa.
“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.”
