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BC Ferries Major Vessels

Sector(s)
Public Transit
Location(s)
Vancouver area
Participation
$1 billion (financial close)
Partner(s)
BC Ferry Services Inc.

Supports purchase of new, larger hybrid ferries

Increasing passenger capacity in Vancouver area routes 

Fast facts

New vessels address reliability issues and enable electrification
Cleaner and quieter transportation for Vancouver-area commuters and tourists to Vancouver Island
Loan helps BC Ferries to upgrade its fleet, maintain service and projected demand

Our $1 billion investment supports BC Ferries’ purchase of diesel-battery hybrid ferries which will allow more Vancouver-area commuters and tourists to travel on a cleaner transit option. Replacing end of life vessels ensures BC Ferries can maintain service, minimize disruptions and deliver a safe, more reliable experience.

The loan will help cover the higher upfront capital costs of zero-emission ferries (ZEFs) while reducing upward fare pressures. A large portion of financing will be used to upgrade infrastructure at select ferry terminals. Dedicated power transmission lines to the terminals will enable future all-electric operations of the new vessels.

The ferries are scheduled to be in-service between 2029 and 2031 and will assist BC Ferries—one of the world’s largest operators—expand its services on marquee routes.

Benefits of the CIB’s involvement

Without CIB financing, the new ferries wouldn’t likely be purchased and every year of delayed purchase risks more service disruptions, reduced travel options and employment gains.

Learn more

BC Ferries

This investment is about more than replacing aging vessels - it’s about ensuring that our coastal ferry system will have the capacity to meet the needs of the people, goods, and communities that depend on it. We believe that this partnership with the CIB will make a big impact in avoiding additional pressures on fare increases for our customers compared with borrowing from private markets. If we leverage the full loan amount, over the term, we expect to save approximately $650m in debt interest charges. It’s a smart, long-term partnership that advances our operational, environmental, and financial goals.

Nicolas Jimenez, President and Chief Executive Officer