KARMOL, a joint venture between Turkey's Karpowership and Japan's Mitsui OSK Lines (MOL), has reached an agreement with Japanese banks to finance its first floating storage and regasification unit (FSRU) in Senegal.
KARMOL, through Senegal LNGT Company Limited, signed the loan agreement with Japan Bank for International Cooperation (JBIC) and MUFG Bank Ltd for up to $71 million.
The FSRU will supply regasified liquefied natural gas (LNG) to a Karpowership floating power plant, known as Powership, in Senegal.
The Powership, with a capacity of 235 megawatts (mw), has been in operation since October 2019, providing 15% of Senegal's electricity with 220MW.
KARMOL was established in 2019 with the goal of becoming the world's leading provider of LNG-to-Power solutions.
The joint venture's first FSRU was developed by Singapore-based Sembcorp Marine, measuring 272 meters in length and with a capacity of 125,470 cubic meters. It arrived in Senegal in the summer of 2021.