Private power developer CIC Energy has appointed the Bank of China as a mandated lead arranger (MLA) for a $500-million Chinese commercial bank facility for the Mmamabula energy project in Botswana.

The Bank of China would join Absa Capital, a division of Absa Bank, and Standard Bank as MLAs for the energy project, the TSX-listed company said on Tuesday.

In March, it announced that Absa Capital and Standard Bank were appointed as the MLAs for a South African commercial bank facility and the Export Credit Insurance Corporation of South Africa portion of the debt financing.

"The presence of Bank of China in our arranging group will allow us to access Chinese commercial bank financing, reflecting the strong support in China and from Bank of China for the Mmamabula energy project, which has been facilitated by our power station engineering, procurement and construction contractor, Shanghai Electric Group," said CIC Energy president Greg Kinross.

To subscribe to Engineering News's print magazine email subscriptions@creamermedia.co.za or buy now.