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Last updateΤρι, 11 Δεκ 2018 5pm

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France: Juncker Plan - first green financing in the maritime transport sector signed

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The European Investment Bank (EIB), Societe Generale and Brittany Ferries are pleased to announce the success of the first green maritime financing under EIB’s EUR 750m Green Shipping Guarantee (GSG) programme put in place last year by the EIB and Societe Generale.

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.
The signing ceremony took place yesterday 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.
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 EUR 150m 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. With the acquisition of its new ship Honfleur, Brittany Ferries confirms its momentum to develop LNG, currently the cleanest fuel source, thus contributing to a significant improvement in the environmental performance of its fleet.
Societe Generale acted as the main arranger of the EUR 142.6m financing for the acquisition of the Honfleur ferry commissioned by Brittany Ferries, which includes a tranche of EUR 49.5m fully guaranteed by the EIB.
"This green financing in the maritime sector is a 'first' at the European level," said EIB Vice-President Ambroise Fayolle. "This is a particularly innovative financing, successfully carried out thanks to the European guarantee under the Juncker plan, the support of the CEF and Societe Generale's pilot role in this sector. By structuring riskier financing in a new sector, the bank of the European Union strongly reaffirms its commitment to sustainable, responsible and sustainable growth on an international level. Our goal is to support the efforts of French shipowners to develop a more environmentally friendly maritime transport thanks to an adapted and attractive financing tool. The environmental performance of the "Motorways of the Sea" is at the heart of our climate action in accordance with the commitments made at COP21 and the priorities of the French Government's Major Investment Plan. "

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