IRISH CONTINENTAL GROUP FERRY PROJECT II (EIB-20180024)

Countries
  • Ireland
Where the impacts of the investment may be experienced.
Financial Institutions
  • European Investment Bank (EIB)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
U
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 28, 2018
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
IRISH CONTINENTAL GROUP PLC
The holder of the loan, grant, or other investment.
Sectors
  • Construction
  • Transport
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Loan
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 93.31 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Currency conversion note:
Bank reported EUR 80 million
Converted using 2018-07-30 exchange rate.
Project Cost (USD)
$ 192.45 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Currency conversion note:
Bank reported EUR 165 million
Converted using 2018-07-30 exchange rate.
Corporate Actor Documents
Primary Source

Original disclosure @ EIB website

Updated in EWS Jan 31, 2019

Disclosed by Bank Apr 19, 2018


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Project Description

The project funds the construction of a passenger/vehicle ferry for the Irish Ferries' fleet - Irish Continental Group (ICG). 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.

According to the bank document, 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 in the Flensburger Schiffbau-Gesellschaft shipyard located in Flensburg, Germany.

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.

 

Investment Description
  • European Investment Bank (EIB)

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. 

Private Actors
Contact Information

*There is no further contact information disclosed at this project stage*

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