Thiam & Associés advised Karpowership, a subsidiary of the Turkish group Karadeniz Energy, on the negotiation and execution of an agreement with the Société d’Eau et d’Énergie du Gabon (SEEG) for the supply of 250 MW of electricity from floating power plants.
The five-year agreement is designed to cover approximately 25% of Gabon’s national electricity demand, particularly in Libreville and Port-Gentil, through the deployment of two floating power plants connected to the national grid.
Founded in 2010, Karpowership is a global pioneer in floating power generation, delivering fast-track electricity solutions through powerships and floating platforms powered by heavy fuel oil or gas. The group operates a fleet of over 40 powerships, representing more than 7,000 MW of installed capacity worldwide, and is active in 12 countries, including eight in Africa.
In this project, our team provided comprehensive advice on all legal and regulatory aspects, including transaction structuring, negotiation of the power purchase agreement, capacity and vessel lease arrangements, and coordination with the relevant Gabonese authorities.
Following the temporary suspension of the agreement in May 2024 due to financial considerations, our team further assisted in the legal restructuring of the project which led to the execution of a revised agreement in February 2025 enabling the project’s implementation.
Beyond Gabon, Thiam & Associés continues to advise Karpowership on similar energy projects in Senegal, Côte d’Ivoire and Cameroon focusing on powership and floating power generation solutions, illustrating the firm’s ability to handle complex, cross-border transactions in highly regulated energy markets.