HomeLoans$75 million federal loan to BC Ferries for new battery ships

$75 million federal loan to BC Ferries for new battery ships

Through the Canada Infrastructure Bank (CIB), the federal government is providing financial support to BC Ferries for its forthcoming expansion of the Island Class fleet.

The federal Crown corporation will provide the ferry company with a $75 million low-cost loan to help finance the acquisition of four battery-electric ferries and the installation of the associated charging infrastructure.

β€œThis partnership between the Canada Infrastructure Bank and BC Ferry Services is an incredible first step towards the electrification of one of the world’s largest ferry networks,” said Ehren Cory, CEO of CIB, in a statement on Wednesday.

The new additional four Island Class vessels and charging infrastructure will be ready for service by 2027.

This will grow BC Ferries’ Island Class fleet to 10 vessels, including the first six new vessels that progressively went into service between…

Read more at dailyhive.com

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