Absa, Investec may back Karpowership’s South African energy deal

Absa Group, Investec and the Development Bank of Southern Africa indicated they could support a bid by a Turkish company to supply emergency power to South Africa, according to a person familiar with the situation. Conditional backing from the financial institutions, which has yet to be finalized and is dependent on undisclosed conditions being met, enabled Karpowership to offer to supply 1 220 MW of power from ship-based, gas-fired plants. The person spoke on condition of anonymity because the banks haven’t publicly disclosed their involvement.