PROW Capital launched a €420m green shipping fund that provides credit to shipowners for investments in new and existing vessels or retrofits that demonstrate measurable emissions reductions.
s explained, tighter lending requirement have made traditional sources of ship finance increasingly difficult to access, and shipping needs significant investment to accelerate its transition to a zero-emissions industry and fund the growing fleet capacity required to transport the world’s goods.
As a result, the Green Shipping Fund is a €420 million private debt fund that provides shipowner loans for new and existing vessels or retrofits that comply with our ESG criteria and lower their emissions in order to meet the IMO’s 2030 and 2050 goals and the EU Green Deal.
With an average investment of €15-€50 million, the Fund provides senior secured debt financing to short- and deep-sea vessel owners and operators located in Europe.
The criteria for new or retrofitted green ships with measurable emission reduction include:
- Fuelled by low emission fuels including LNG, LPG, Methanol and Hydrogen
- Full Electric ships
- Hybrid Eco ships, electric propulsion combined with MGO or low emission fuels
- Fuelled by 100% alternative fuels, if measurable and enforceable
Our Green Shipping Fund provides debt finance for the next generation of ships for the blue economy. We support shipowners on their journey to make zero emissions shipping a reality. Partners for the long-term, we provide a new approach to ship financing, working collaboratively to deliver green deals to meet the industry’s drive to reduce its impact on the planet.
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The Green Shipping Fund supports the United Nations Sustainable Development Goals, and specifically focuses on Affordable and Clean Energy (SDG 7) and Climate Action (SDG 13). PROW’s ambition is to make zero emissions shipping a reality and become a viable long term alternative to the traditional banks in the maritime sector.