The financing supports the company’s operations in Côte d’Ivoire, Ghana, Mozambique and Senegal, where its power ships supply critical electricity to national grids.
The loan was arranged for Karpowership’s affiliate, Seaworld Energy Holding, a newly established entity responsible for the group’s African operations. MCB served as the sole mandated lead arranger, structuring the transaction and setting its terms before inviting other lenders to participate.
Naginlal Modi, Executive Vice President for power and infrastructure financing at Mauritius Commercial Bank, told Channel Africa on Tuesday that the syndication was “very well received” in the market.
“We had significant interest from different lenders. The facility closed with three lenders, although interest exceeded that number,” he said.
The syndicate includes Swan from Mauritius, Ecobank, and Federated Hermes.
Modi noted that the facility is the first major loan transaction for Seaworld Energy, with the financing backed by a pool of power-purchase agreements secured from West African national off-takers in countries such as Senegal and Côte d’Ivoire.
The funds will support Karpowership’s African operations, including capital expenditure for new power ships.
Modi said the deal reinforces MCB’s growing presence in Africa’s energy and infrastructure sectors. The bank’s power and infrastructure desk was established only five years ago.
“Over the years, we have recorded steady growth in our loan portfolio. We have supported blue-chip clients operating regionally and internationally on all their financing needs,” he said.
He added that MCB’s ability to “explain the credit story” and design bespoke solutions reflects its increasing capability to structure complex transactions.
“There is no cookie-cutter solution in African infrastructure financing. Each borrower has its own needs. Understanding the client’s business model and the terrain in which they operate is crucial,” Modi said.
Modi said the funding will directly contribute to the development goals of African countries facing chronic electricity shortages.
Karpowership’s model is to provide emergency power relief in markets where outages disrupt economic activity.
“In Africa, 600 million people still do not have electricity,” he said. “Power shortages reduce productivity. Many businesses must shut down, switch to diesel or stop operations entirely when power is unavailable.”
He said the company’s ability to deploy immediate power solutions helps countries stabilise electricity supply, support local industries and minimise economic disruption.
“By providing instant relief, they help countries remain electrified and support business continuity,” he added.
–ChannelAfrica–
