International Energy Leader Karpowership Announces $1 Billion LNG-to-Power Investment in South African Power Pool

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ISTANBUL, Aug. 13, 2024 /PRNewswire/ -- Karpowership, a major international energy company renowned for its innovative solutions, has announced its plans to invest a transformative $1 billion of LNG-to-Power infrastructure that will be based in Mozambique and made available to the entire South African Power Pool (SAPP). This ground-breaking project would not only enhance the country's domestic energy landscape but also that of the wider SAPP by providing reliable and low-cost electricity to 5 million people.

Karpowership is a global provider of gas-to-power solutions, with projects in both Ghana and Brazil. Similar to its project in Brazil, the new initiative would feature a state-of-the-art natural gas-powered facility with a capacity of up to 500 MW, including one of the largest Powerships in the world and a Floating Storage Regasification Unit (FSRU). This latest development builds on Karpowership's existing partnership with Mozambique, where it began operations in 2016, providing land-locked Zambia 115 MW of reliable electricity.

Harnessing its domestic gas resources, the project creates significant new opportunities for Mozambique and the wider region: providing a reliable energy source to Mozambique's own electricity utility company, Electricidade de Mozambique (EdM), or for export to public and private entities in the neighbouring countries within the SAPP region, including Zambia, Zimbabwe, Botswana, Namibia, and others.

Karpowership's collaboration with EdM on Mozambique's domestic power supply has already seen substantial progress. Currently, the company supplies electricity through its Powership operating in Nacala Bay – contributing to the country's energy security and economic growth, since 2018. The company recently showcased one of their state-of-the-art Powerships – identical to the one planned for this new venture – at the Port of Maputo, providing attendees with an insight into their fast, flexible power solution.

"Karpowership is proud to serve as a committed partner to Mozambique and we are thrilled to be deepening that relationship, creating a vehicle together that will power the wider region from Mozambique – addressing regional electricity deficits and enhancing economic activity," said Zeynep Harezi Yılmaz, Karpowership's Chief Operating Officer.

The new investment is also set to create an influx of direct and indirect job opportunities, with the potential for collaboration by the company with both the public and private sectors.

Karpowership remains committed to driving sustainable energy solutions and contributing to the socio-economic development of Mozambique and the broader SAPP region. This latest investment reaffirms the company's dedication to supporting regional growth and energy security.

About Karpowership

With over 25 years of experience in the floating power plant industry, Karpowership is a leading provider of fast, flexible, and reliable energy solutions worldwide. With a global installed capacity exceeding 7,000 MW and operating across 16 countries, including 9 in Africa, Karpowership delivers energy security through its signature Powerships and onshore plants, alongside a fleet of floating LNG infrastructure.

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SOURCE Karpowership