KARMOL secures $71 mln loan from Japanese banks for Senegal FSRU
Karpower International B.V. (Karpowership) and Mitsui O.S.K. Lines, Ltd. have reached a deal with Japan Bank for International Cooperation (JBIC) and MUFG Bank, Ltd. to finance a floating storage and regasification unit (FSRU) in Senegal, according to MOL's release.
JBIC and MUFG Bank signed the loan agreement on December 30, 2022, with KARMOL, through Senegal LNGT Company Limited, for an amount up to $71 million. The FSRU will supply regasified liquefied natural gas (LNG) to a Karpowership floating power plant, known as a Powership, in Senegal.
MOL and Karpowership will continue to provide power generation solutions around the world through environment-friendly LNG-to-Powership business, known as KARMOL.
This loan will promote business development in emerging countries including Africa.
Karpowership is a power generation company and a pioneer behind floating electricity-generation facilities, known as Powerships. With more than 25 years of experience, Karpowership has a fleet of 36 Powerships, operating in 4 continents with the capacity of 6 GW. These Powerships, can connect directly to a country’s electricity grid, leveraging existing infrastructure, and can do so in as little as 30 days, are an innovative, flexible energy solution that leave minimal environmental trace.
In 2019, Karpowership and MOL established KARMOL, a joint venture to become the world’s premier LNG-to-Power solution provider. Since then, KARMOL has been investing in related assets and joint marketing its solution in selected markets around the world.
