The CIB supports BC Ferries' essential service upgrades

Whats Happening:

The Canada Infrastructure Bank (CIB) is making a significant investment in BC Ferries' fleet modernization efforts. This includes an initial $75 million for four hybrid battery-electric ferries and a new commitment of up to $1 billion for higher-capacity hybrid vessels and terminal upgrades. The investment aims to reduce service disruptions, enable vessel electrification, increase fleet capacity, and help mitigate fare increases.

Key Moves:

• CIB commits up to $1 billion for new higher-capacity hybrid vessels and terminal upgrades

• Initial $75 million investment for four hybrid battery-electric Island Class ferries

• New vessels designed to accommodate 2,100 passengers and 360 vehicles, increasing capacity by 52% and 24% respectively

By The Numbers:

• CIB's total investment in BC Ferries could reach $1.075 billion

• New major vessels expected to create over 360 new jobs annually in BC

• Estimated $660 million in incremental commercial goods movement facilitated annually

Key Quotes:

• "The CIB's partnership with BC Ferries further helps to improve one of the world's largest ferry networks." - Ehren Cory, CEO, Canada Infrastructure Bank

• "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." - Nicolas Jimenez, President and CEO, BC Ferries

Bottom Line:

The CIB's investment in BC Ferries represents a significant step towards modernizing and expanding one of the world's largest ferry networks. By providing lower-cost financing, the CIB is enabling BC Ferries to upgrade its fleet, increase capacity, and move towards more environmentally friendly operations while mitigating potential fare increases for customers.

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