Active Development AidData Chinese Aid

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

$55M USD

Funder	ICBC Turkey Bank A.Ş.
Recipient Organization	Karadeniz Energy Group
Country	Indonesia
Start Date	Apr 01, 2018
End Date	Jul 12, 2027
Duration	3,389 days
Number of Grantees	1
Roles	Recipient
Data Source	AidData Chinese Aid
Grant ID	`88860`

Grant Description

ICBC contributions to 250 million USD 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.

ICBC Turkey contributed $55 million to the syndicated loan. 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 480MW. As of 2018, it was operating in Indonesia.

📋 Staff Comments

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.
This project is also known as Karadeniz Holding’s energy vessel project in Indonesia.
One official source (https://www.icbc.com.tr/en/images/pdf/EN5THYEARANNIVERSARY.pdf) indicates that the loan commitment date was February 20, 2018. This issue warrants further investigation.

📚 Sources & References

2018 ANNUAL REPORT, 2019 Winners - Bonds & Loans Awards Turkey.pdf
Karadeniz Enerji'ye 250 milyon dolarlık kaynak, https://www.enerji-dunyasi.com/yayin/324/karadeniz-enerji-grubu-na-250-milyon-dolar-kredi_9951.html#.Yig0ay-B1sM
Karadeniz Enerji Grubu’na 250 Milyon ABD Doları Orta Vadeli Sendikasyon Kredisi
SECTORS
Karadeniz Holding
ICBC Turkey Bank A.Ş. 5th Anniversary Loan applications and disbursements are still being received and processed as the projects continue to evolve. Ongoing monitoring and evaluation are in place to ensure project continuity.

All Grantees

Karadeniz Energy Group

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