Karmol secures US$71M loan for Senegalese FSRU

Karmol (a joint business of MOL and Karpowership) agreed a deal with Japan Bank for International Cooperation and MUFG Bank, signing the loan agreement 30 December 2022 through Senegal LNGT Co Ltd, for up to US$71M. 

The FSRU will supply regasified LNG to a Karpowership floating power plant in Senegal.

235-MW Karadeniz Powership Ayşegül Sultan has been in operation since October 2019, supplying 15% of Senegal’s electricity with 220 MW of power to Senegal’s grid.

In a statement, MOL said, “This loan will promote business development in emerging countries including Africa. Karmol is committed to providing reliable and uninterrupted power to the region.”

Turkish firm Karpowership is a pioneer in the floating power plant sector. In 2021, it marked its first LNG-to-power project in Amurang, Indonesia, when Powership Zeynep Sultan began generating electricity for the local grid using LNG.

Last year, the company struck deals with two leading LNG shipping companies, acquired more ships, and has several major projects for the future.

In 2019, Karpowership and MOL established Karmol, a joint venture to become the world’s premier LNG-to-power solution provider.