HSBC UK has formalized a loan of 66 million euros, backed by Cesce (Spanish Export Credit Insurance Company), to help Bibby Marine, a maritime company based in Liverpool, develop an innovative zero-emission electric vessel (eCSOV, Commissioning Service Operating Vessel).
A flagship project for the energy transition
The English shipowner signed a contract in November 2024 with the Spanish shipyard Astilleros Ría de Vigo (Armón Group) for the construction of this electric service vessel, designed to operate in offshore wind farms and powered by energy stored in batteries.
This project has allowed Bibby Marine to win the Zero Emission Vessels and Infrastructure (ZEVI) competition, convened by the UK Government, and to obtain a grant of 22 million euros for the construction of the ship.
In addition to the grant and the equity provided by Bibby, the operation will be financed with a 66 million euro credit granted by HSBC UK, which will be covered by Cesce through a buyer credit insurance policy.
This financing includes a 15-year credit line for Bibby Marine, covering both the initial construction phase at Astilleros Ría de Vigo and the repayment over the 12 years of the operational phase.
What will this electric vessel be like?
The vessel will be equipped with a 24.8 MWh battery system, rechargeable through three hybrid dual-fuel engines (methanol and diesel).
The design also allows for direct charging at sea through wind turbines, without the need to return to land for refueling.
If recharging at sea is not possible, the dual-fuel methanol engines will provide an alternative method to recharge the batteries, ensuring the continuous operation of the vessel, which will have a range of up to 28 days in offshore wind farms.
Nigel Quinn, CEO of Bibby Marine, stated:
“The maritime sector faces many challenges in the upcoming energy transition, including how to finance ambitious projects that achieve tangible change. The innovative design of this zero-emission vessel exemplifies the transformative potential of cleaner energy solutions in our sector. Working with HSBC UK on a project of such strategic importance has helped us in our ambition to lead decarbonization.”
Have you already checked out our YouTube channel? Subscribe now!
