Norway. Norled AS

Date of agreement:07 Mar 2024
Customer:Norled AS
Amount in NOK:NOK 500 million
Amount in EUR:EUR 43.4 million
Maturity:7 years
NACE sector / loan type:Water transport

This loan contributes to climate change mitigation: 100%


The loan has been provided for the co-financing of Norled’s investments in low carbon ferries and express boats, that can include electric and green hydrogen vessels and related land-based infrastructure in Norway during 2024-2030.

The loan is supported by the InvestEU programme under NIB’s Framework Operation Green Mobility and Transport.

Norled AS is one of Norway’s largest ferry and express boat operators with concessions on 25 public transport service contracts with 50 routes along the coast of Norway. The company operates 41 ferries and 34 express boat services from Troms, Nordland, Trøndelag, Møre og Romsdal, Vestland, Rogaland, Oslo, Akershus and  Østfold. The company has about 1,200 employees and is headquartered in Stavanger with branch offices in Bergen and Oslo. Norled is owned by the global real assets investor CBRE Investment Management.

Fulfilment of NIB's mandate

Zero and low carbon vessels will provide the company with higher operating margins due to savings in fuel costs and higher contract values, which should compensate the company for higher capital expenditures. The network of ferry and express boats is a core infrastructure service in places with few alternatives. Upgrades and expansion investments in the system therefore improve transport connections, especially, in sparsely populated areas.

The company’s plan to reduce CO2 emissions involves changes in the fleet and its operational practices.

As maritime transport is a hard-to-abate sector, investments, shipping decarbonisation strategies, and green requirements are crucial for transforming the maritime sector to align with net-zero targets. Decarbonisation related investments will also lead to improvements in air and noise pollution.

The company’s investment programme encompasses zero- and low emission vessels, along with potentially related infrastructure such as battery solutions or charging stations.

Sustainability summary

With the use of zero and low carbon vessels, maritime transport, which causes around 3% of global greenhouse gas emissions, can significantly reduce its environmental impact.

A sustainability proofing has been carried out in accordance with the InvestEU Fund requirements, and a summary can be found here.

Press release

InvestEU: NIB lends to zero and low carbon vessels with infrastructure in Norway

Press release

InvestEU: NIB låner ut til null- og lavutslippsfartøy med infrastruktur i Norge

Related resources



Norled operates first hydrogen ferry and pioneers express boat battery swaps