New hybrid electric ferries will support Fjord1 in its efforts to provide more environmentally friendly service. Image: Havyard ASA, Fjord1 ASA

New hybrid electric ferries will support Fjord1 in its efforts to provide more environmentally friendly service. Image: Havyard ASA, Fjord1 ASA

3 Jan 2020

NIB finances new hybrid electric ferries in Norway

NIB and the Norwegian ferry operator Fjord1 ASA have signed a seven-year loan agreement of NOK 750 million (EUR 76 million) to finance the acquisition of twelve new hybrid electric ferries that will operate on three of Norway’s busiest ferry lines.

The new hybrid ferries are part of Fjord1’s larger investment programme, and will operate on the routes Hordaland 1 and 2 as well as on the Nordmoerspakken line.

The vessels are designed to run on electricity in their everyday operation, and will be charged when docked. However, they also have backup marine fuel oil power, which can be used if needed.

The ferries can also accommodate future engine changes and battery upgrades to prolong their operational life. The investment will contribute to energy efficiency improvements of 30-40%, and reduce CO2 emissions by approximately 50,000 tonnes per year.

“Norway is implementing a national strategy to reduce emissions from ferry operations, which is in line with the Paris Agreement. The acquisition of hybrid electric vessels will contribute to the phase-out of fossil fuels and a more sustainable and reliable ferry transport service”, says Henrik Normann, NIB President & CEO.

The new ferries are scheduled to start operating in 2020.

Fjord1 ASA is one of Norway’s leading ferry operators, with a fleet of 76 vessels. The company transports up to 21 million passengers annually, and is involved in passenger boat services, catering and fjord-based tourism. Fjord1 ASA is listed on the Oslo Stock Exchange.

NIB is an international financial institution owned by eight member countries: Denmark, Estonia, Finland, Iceland, Latvia, Lithuania, Norway and Sweden. The Bank finances private and public projects in and outside the member countries. NIB has the highest possible credit rating, AAA/Aaa, with the leading rating agencies Standard & Poor’s and Moody’s.

For further information, please contact

Mr Stefán Fridriksson, Senior Manager, Lending, at +358 10 618 0512, stefan.fridriksson@nib.int 

Mr Karim El-Nagdy, Director, Head of Project & Structured Finance, at +358 10 618 0568, karim.el-nagdy@nib.int 

Mr Harald Rokke, Head of Infrastructure, Transportation and Telecom, at +358 10 618 0286, harald.rokke@nib.int

Ms Lisa-Maria Altenberger, Communications Officer, at +358 10 618 0234, lisa-maria.altenberger@nib.int