M&G, on behalf of its Catalyst investment strategy and institutional client funds, has provided a NOK 1 billion ($114 million) senior secured loan to Fjord1, Norway’s largest and greenest ferry operator.
As ferries are a critical component of the transport infrastructure in Norway, many of Fjord1's ferry services are under contract with public sector bodies. Fjord1 has significantly increased its investment into new electric ferries since 2018, in line with the Norwegian government's goal to slash carbon emissions from the industry in half by 2030 and promote the development of low- and zero-emission solutions for all vessels.
In 2022, 34 of Fjord1’s 83 vessels are now hybrid-electric, a number that is set to increase to around 50 percent of its fleet in the short term. The company carries around 16 million passengers each year.
