Shearman & Sterling advised MUFG Bank, Ltd., and Japan Bank for International Cooperation (JBIC) as lenders on the financing of a Floating Storage and Regasification Unit (FSRU) in Senegal with Senegal LNGT Company Limited (SLNG) (owned by Mitsui O.S.K. Lines, Ltd. and Karpower International).

The financing of the FSRU project will contribute toward Senegal’s energy transition and the FSRU owned by SLNG will regasify LNG which will be used to generate electricity on Karpowership’s 235 MW floating power plant. The generated electricity from the powership, will be sold to state-owned utility Société nationale d'électricité du Sénégal, in line with the country’s gas-to-power strategy.

The loan provided by JBIC supports the Government of Japan’s Basic Plan on Ocean Policy and is aimed at strengthening the international competitiveness of Japanese marine industries. It also reflects JBIC’s continuing support of Japanese companies’ overseas expansion, including in Africa.

The Team