Battery electric ferries will cut emissions and
create quieter commutes for passengers
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- BC Ferries embarking on fleet electrification with a CIB
loan to help purchase four zero-emission vessels and install
required charging infrastructure.
- Battery electric ferries and terminal upgrades are to be
completed by fiscal 2027 and estimated to reduce 9,000
tonnes of GHG emissions annually.
- Island Class ferries to be used for smaller volume and shorter
routes.
VANCOUVER, BC, May 22, 2024
/CNW/ - The Canada Infrastructure Bank (CIB) has reached financial
close on a $75 million loan to BC
Ferry Services Inc. to help finance the purchase of four
zero-emission ferries and install the required charging
infrastructure.
The Island class vessels, which will be used on small volume and
shorter routes, are part of the company's ongoing efforts to
replace its existing Island class fleet with quieter and more
environmentally friendly ferries. The existing diesel-hybrid
vessels will be transferred to other routes to replace ferries that
have reached their end of life.
The CIB's loan will cover the higher upfront capital costs of
the ferries compared to diesel, including charging infrastructure,
helping to accelerate the electrification of one of the world's
largest ferry networks. Repayment of the investment will come from
standard operating revenues comprised of passenger fares and retail
revenues.
The investment is the CIB's first in zero-emission ferries,
which expands its transit portfolio beyond zero-emission buses.
BC Ferries provides year-round passenger and vehicle ferry
services using 37 vessels serving 25 routes out of 47 terminals
spread over 1,600 km of B.C. coastline. In fiscal 2024, BCF carried
9.5 million vehicles and 22.6 million passengers on more than
90,000 round trips.
Endorsements:
Partnering with BC Ferries on the CIB's first electric ferry
financing will help to accelerate the electrification of one of the
world's 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.
Ehren Cory, CEO, Canada
Infrastructure Bank
This 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.
Greener transit is a vital part of our work to tackle climate
change and the work that CIB is doing to support it will go a long
way in helping us reach our goals of net zero emissions by 2050
The Honourable Sean Fraser, Minister of Housing, Infrastructure
and Communities
More zero-emission ferries will have great benefits for the
environment and communities nearby, including quieter vessels and
lower carbon emissions. This is another step toward Canada meeting its commitment to net-zero
emissions by 2050.
The Honourable Pablo Rodriguez, Minister of
Transport
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. It'll also help us achieve important environmental benefits.
All of this increases our passengers' confidence we'll get them
where they need to go in a safe, reliable and environmentally
conscious way.
Nicolas Jimenez, President and
CEO, BC Ferries
SOURCE Canada Infrastructure Bank