Bank leads loan deal for Sea World Energy Holdings

The Mauritius Commercial Bank (MCB) has closed a USD 400 million syndicated facility for Sea World Energy Holdings Limited.

MCB acted as the sole mandated lead arranger and account bank for the transaction.

According to the bank, the facility reached its targeted amount following interest and commitments from participating lenders.

The financing consolidates Karpowership Group’s operations in Africa under Sea World Energy Holdings.

Karpowership operates floating power generation plants, known as Powerships, and has a fleet of 40 vessels with a total installed capacity of 8,000MW. The company operates in 14 countries across South America, Africa, and Asia.

MCB said the facility was structured as a portfolio financing backed by a pool of signed Power Purchase Agreements in Africa.

Proceeds will be used to support Karpowership’s liquidity management.

Commenting on the transaction, MCB’s Global Head of Structured Finance, Mathieu Delteil, highlighted the bank’s role in supporting the client:

“This transaction stands as a testament to the capabilities of MCB in understanding and supporting its clients' strategy by offering an integrated and innovative financing solution, while ensuring continued access to investors. We would like to thank the team for their trust and the close relationship we have built over the past years.”

Youri Harel, Head of Specialised Finance at MCB, described the closing of the deal in terms of its strategic significance for both institutions

“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 and 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, emphasised that the transaction was structured to meet the company’s financial and operational requirements.

“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.”

From Karpowership’s side, Finance Executive Director Tuğrul Öz said the facility strengthens the company’s capital and liquidity position across its African portfolio.

“The successful closing of this USD 400 million syndicated facility represents a significant step in strengthening the capital structure and optimising 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.”