Turkish company Karpowership, which supplies electricity to nearly a dozen African countries through power plants on floating barges, secured a new $400 million loan.
Mauritius Commercial Bank, the island nation’s biggest lender, led the facility for Karpowership, which is the world’s biggest provider of floating power plants. In Africa it supplies power to countries including Côte d’Ivoire, Ghana, Mozambique, and Senegal.
The new loan “represents an expansion of MCB’s bid to win business across Africa and taps into a surging demand for energy on the continent,” noted Bloomberg. Karpowership has also been on an expansion drive in Africa but critics of governments that use its service say it only provides a short-term solution to chronic underinvestment in power and infrastructure.