A $75 million loan from the Canada Infrastructure Bank (CIB) to BC Ferry Services Inc. has reached a financial close. The funds will be used to help finance the construction of the required charging infrastructure and the purchase of four zero-emission ferries.

“Partnering with BC Ferries on the CIB’s first electric ferry financing will help to accelerate the electrification of one of the world’s largest ferry networks. In addition to their environmental benefits, the new vessels will be quieter and offer more enjoyable commutes for local residents and visitors to communities in the greater Vancouver area,” said Ehren Cory, CEO, Canada Infrastructure Bank.

The company’s ongoing attempts to replace its current Island class fleet with quieter and more environmentally friendly ferries include the addition of Island class vessels, which will be utilized on shorter and lower capacity routes. Ferries that have reached the end of their useful lives will be replaced by the current diesel-hybrid vessels, which will be moved to different routes.

The CIB’s financing will help to expedite the electrification of one of the largest ferry networks in the world by covering the ferries’ higher upfront capital expenses, including charging infrastructure, when compared to fuel. The investment will be repaid from regular operating income, which is made up of retail sales and passenger fares. Beyond zero-emission buses, the CIB’s transportation portfolio now includes zero-emission ferries, its first investment in this category.

Across 1,600 kilometers of coastline in British Columbia, BC Ferries operates 37 vessels to serve 25 routes from 47 terminals, offering year-round passenger and vehicle ferry services. Over 90,000 round trips with 9.5 million vehicles and 22.6 million passengers were made by BCF in the fiscal year 2024.