M&G has provided a NOK1bn (€98.7m) loan to Norwegian ferry business Fjord1.
Beata Sperling-Tyler, associate director in M&G’s infrastructure finance team, said: “We are pleased to provide financing to a company that’s embracing the changes required to reduce its impact on the environment and create a sustainable future for the industry.
“Given the dynamics of the domestic ferry industry in Norway and Fjord1’s leading position, this investment should provide a resilient and stable income stream for our investors.”
Fjord1 is the largest and greenest ferry operator in Norway with a market share of around 45%, carrying approximately 16m passengers each year.
Since 2018, Fjord has increased its investment into new electric ferries, while also retrofitting older ferries. Fjord1 has 34 of its 83 vessels now being hybrid-electric.
Anne-Mari Sundal Bøe, CFO of Fjord1, said: “We are pleased to have completed this successful refinancing with M&G and other tier-1 international lenders.
”The refinancing ensures that the Fjord1 can continue to grow its leadership position and further increase its sustainability impact in the coming years.”
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