CIB in first marine-project financing with $75-million BC Ferries deal
Summary
The existing diesel-hybrids will move to routes where the services old ferries are reaching their end of life.Our partnership with the CIB to deliver these new Island Class vessels will increase system capacity, improve our flexibility to move ships across routes and make it easier to train and deploy our teams. Itll also help us achieve important environmental benefits, says Nicolas Jimenez, president and CEO of BC Ferries, in a press release.The CIB confirms the loan will be repaid through standard operating revenues comprised of passenger fares and retail revenues.The loan to BC Ferries marks the first time the CIB has invested in marine electrification.Previously the CIBs loans have gone towards installing public EV charging infrastructure, purchasing electric buses and grid energy storage.Partnering with BC Ferries on the CIBs first electric ferry financing will help to accelerate the electrification of one of the worlds largest ferry networks. In addition to their environmental benefits, the new vessels will be quieter and offer more enjoyable commutes for local residents and visitors to communities in the greater Vancouver area, says Ehren Corey, CEO of the Canada Infrastructure Bank.BC Ferries operates 37 vessels over 25 routes year round. The four new hybrid-electric ferries were ordered in January 2024 and are capable of operating on 100 per cent electricity. The ferries will operate between Nanaimo Harbour and Gabriola Island (two vessels) and Campbell River and Quadra Island (two vessels).Delivery of the new hybrid-electric ferries and terminal upgrades will be complete by fiscal 2027.