Canada Infrastructure Bank lends $75 million for ferry project

BC Ferries will be able to buy four zero-emission vessels, thanks to a loan from the Canada Infrastructure Bank.

According to the bank, they are lending $75 million to the ferry-line to buy these vessels, which would launch the vessel electrification program.

The program’s goal is to replace the current fleet with quieter and more environmentally friendly ferries, aiming to not only complete electric ferries and terminal upgrades by the 2027 fiscal year, but to also reduce 9,000 tonnes of greenhouse emissions annually.

While the newer vessels will be used on small volume and shorter routes, the bank says the diesel-hybrid ones would be moved to routes that have ferries at the end of their life.

President and CEO of the ferry-line Nicholas Jiminez says this partnership would increase system capacity and offer improved flexibility.

“It’ll also help us achieve important environmental benefits,” said Jiminez. “All of this increases our passengers’ confidence we’ll get them where they need to go in a safe, reliable and environmentally conscious way.

With this being the bank’s first investment in zero-emission ferries, the bank adds the loan would cover the higher costs, including charging infrastructure.