Reference: 20180024
Release date: 19 April 2018

Promoter – Financial Intermediary

IRISH CONTINENTAL GROUP PLC

Location

Description

The project involves the construction of a passenger/vehicle ferry for the Irish Ferries' fleet - Irish Continental Group (ICG). The new vessel will provide additional capacity that is better adapted to demand from freight and passengers on the routes operated by the promoter. It will be constructed and operated in compliance with specifications and regulations from the European Union and the International Maritime Organisation (IMO). The vessel will also be constructed to EU environmental standards and certified for operations within the EU's emission control areas. The ship is scheduled for operations on the promoter's Irish Sea and Dublin-Cherbourg routes. The vessel will be constructed in the Flensburger Schiffbau-Gesellschaft shipyard located in Flensburg, Germany. This project is the second project under the Bank's Green Shipping Programme Loan (2015-0742), which was approved by the Board of Directors in 2016.

Objectives

The project will result in the construction and operation of one cruise ferry with the capacity for 5 610 metres of freight lane and 1 800 passengers and crew.

Sector(s)

Proposed EIB finance (Approximate amount)

EUR 80 million

Total cost (Approximate amount)

EUR 172 million

Environmental aspects

The project would enable the promoter to reduce pollution and emissions through the modernisation of its fleet.

Procurement

The promoter is a private company not operating in the utilities sector, and is thus not covered by EU directives on procurement. The Bank will, however, review the promoter's processes during the project's due diligence. The promoter has conducted its procurement process via a number of well-established shipyards.

Status

Signed - 15/06/2018

Disclaimer

Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The data provided on this page is therefore indicative and cannot be considered to represent official EIB policy (see also the Explanatory notes).

Related tags

Ireland Transport