ICBC participates in $250 million syndicated loan to Karadeniz Energy Group for Onur Sultan Powership

In April 2018, the Industrial and Commercial Bank of China in Turkey (ICBC Turkey), along with several other financial institutions (including Bank of America Merrill Lynch, Standard Chartered Bank, Bank ABC, Credit Suisse, Siemens Bank, and KEB Hana), issued a $250 million syndicated loan to Karadeniz Energy Group to help continue to finance the Powership Onur Sultan. Repayment of the loan was scheduled for July 2022, which implies a 4.25 year maturity length. The borrower was expected to use the loan proceeds for ship operations. The Powership Onur Sultan is a floating energy power plant owned by Karadeniz Energy Group. It has an installed capacity of 480 MW. As of 2018, it was operating in Indonesia.

Additional details

1. Karadeniz Energy Group is a subsidiary of Karadeniz Holding A.S.. Karadeniz Holding A.S. is a Turkish energy company which owns and operates land based power plants and powerships through its subsidiary Karpowership. It is based in Istanbul, Turkey. 2. The precise value of ICBC’s contribution to the loan syndicate is unknown. For the time being, AidData assumes equal contributions ($35,714,285) across the 7 known members of the loan syndicate.

Number of official sources

3

Number of total sources

7