Turkish-Japanese joint venture secures $71M loan from Japanese banks

Turkish floating power plant operator Karpowership and Japanese Mitsui O.S.K. Lines joint venture KARMOL has secured financing from the Japan Bank for International Cooperation (JBIC) and MUFG Bank, Ltd. to finance a floating storage and regasification unit (FSRU) in Senegal, the Turkish company said in a statement Friday.

The loan agreement was signed on Dec. 30, 2022, the statement said, with KARMOL, through Senegal LNGT Company Limited, for an amount of up to $71 million.

The FSRU will supply regasified liquefied natural gas (LNG) to a Karpowership floating power plant in Senegal.

One of the world’s largest operators of floating power plants, Karpowership, owned by Turkish conglomerate Karadeniz Holding is a pioneer behind floating electricity-generation facilities.

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With more than 25 years of experience, Karpowership has a fleet of 36 power ships operating on four continents with a capacity of 6 gigawatts (GW).

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Established in 2019, KARMOL provides power generation solutions worldwide through an environmentally friendly LNG-to-powership business.

The floating energy units can connect directly to a country’s electricity grid, leveraging existing infrastructure.

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