EIB, Societe Generale financing Brittany Ferries’ LNG newbuild

The European Investment Bank (EIB), Societe Generale and Brittany Ferries said they have signed the first green maritime financing under EIB’s 750 million euros ($883m) Green Shipping Guarantee programme.

The new vessel “Honfleur” will be Brittany Ferries’ first liquefied natural gas (LNG) powered ferry. It is scheduled to enter into service in April 2019 on its Caen-Ouistreham (France) and Portsmouth (UK) route.

Societe Generale acted as the main arranger of the 142.6 million euros financing for the acquisition of the Honfleur ferry commissioned by Brittany Ferries, which includes a tranche of 49.5 million euros fully guaranteed by the EIB.

The signing ceremony took place on Monday at the Ministry for Europe & Foreign Affairs, at Quai d’Orsay in Paris, and was attended by Jean-Yves Le Drian, Minister for Europe and Foreign Affairs, a joint statement said.

In 2016, as part of the investment plan for Europe (“Juncker Plan”) and the Connecting Europe Facility (CEF), the EIB and Societe Generale signed a 150 million euros guarantee framework agreement to support shipbuilding, and the modernization of existing vessels for sustainable transport and the protection of the environment, in line with the objectives of COP21.

The French shipping company, Brittany Ferries, is today a pioneer in the green maritime transport sector with the signature of the first ship financing supported by the bank of the European Union under the GSG programme whose action is primarily focused on “respecting the environment and the fight against the effects of climate change,” the statement said.

 

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