Baleària inks first green loan in Spanish shipping sector

March 29, 2022, by Naida Hakirevic Prevljak

Spanish shipping company Baleària has signed the first sustainable financing agreement in the Spanish shipping sector with a green loan of EUR 80 million (about $88.4 million).

The funding was calculated using the interest rate based on two environmental indicators: the number of eco-sustainable vessels and the number of vessels with electrical connections when docked, used by the company.

CaixaBank has led the syndicated loan, acting as financing coordinator, insurer and sustainability agent. Abanca, Banca March, BBVA, Cajamar and Santander have also participated in the funding.

Baleària’s sustainability journey

Gas, hydrogen and electric battery-powered ships are considered eco-sustainable as they produce lower emissions than conventional or clean fuels.

Under the slogan Rumbo Verde, Baleària shares its commitment to the environment and its participation in projects related to the use of renewable energies, such as green hydrogen or biomethane, seeking to achieve carbon-neutral shipping by 2050.

Baleària seeks to lead the transformation of Spain’s shipping sector by reducing pollution through the use of cleaner energies. For this purpose, it has nine dual-engine boats that use gas and it aims to expand this eco-efficient fleet by at least three more units over the next 5 years.

To reduce emissions both on journeys and in ports, Baleària has begun to invest in providing vessels with an electrical connection to the port when they are docked to enable them to remain operational without using fuel.

The company recently embarked on a project to build the first electric passenger and cargo ferry that will be pollution free during port stays and approaches and incorporate green hydrogen on an experimental basis.

In 2021, Baleària added Eleanor Roosevelt, the world’s first fast ferry with dual gas engines, to its fleet, which also has an electrical connection to the port. This enabled it to make a carbon-free journey in its first month of operation using biomethane.