First green loan for an electric ferry

19 August 2019

A contract has been signed this week for the construction of a new electric ferry for the Brevik-Sandøya route in the Municipality of Porsgrunn. The ferry is being financed by a green loan from KBN, and will be the first zero-emissions vessel on the seas to be financed by a green loan.

The Brevik-Sandøya connection is operated by the inter-municipal company Brevik Fergeselskap IKS using a ferry, the M.S. Oksøy, that dates from 1964. A press release from the company states that the electric ferry will be equipped with battery packs that can be charged from the electricity network and will meet the strictest environmental requirements, which will significantly reduce the ferry’s CO2 emissions and energy consumption. - We are adopting new technology that will provide environmental savings and increase quality for passengers”, comments Borgar Slørdal, the CEO of Brevik Fergeselskap IKS.

Kristine Falkgård, the President and CEO of KBN, hopes that this green loan will be the first of many for zero-emissions ferries.
- Electrifying the ferry sector is important both for the climate in general and for local environments. Norway is a leading nation in zero-emissions shipping, and it is pleasing to see that municipalities are using their purchasing power to drive forward new climate-friendly technology. From KBN’s perspective, we have previously financed infrastructure for this type of shipping, for example a shore-side power supply at Båtsfjord that is opening any day now, but this will be the first vessel financed on a green interest rate, comments Kristine Falkgård.

The Mayor of Porsgrunn, Robin Martin Kåss, is also delighted with the agreement. - The new electric ferry will be great for passengers, great for the climate and great for the local environment – a genuine Kinder Egg. In addition, we are benefitting from a lower interest rate from KBN because we have chosen a green, future-orientated solution, he comments.

Facts about the new ferry:

  • Length: 42 metres
  • Width: 11 metres
  • Building material: Steel
  • Battery capacity: approximately 1,000 kWh
  • Propulsion engines: 2 x 375 kW
  • Capacity: 98 passengers. 16 passenger car units or 1 articulated lorry

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