Societe Generale has become the bank with the most overt support for LNG as a fuel for shipping. The French bank has become the first financial institution to sign up to SEA\LNG, the multi-sector industry coalition aiming to accelerate the widespread adoption of LNG as a marine fuel
Peter Keller, SEA\LNG chairman and executive vice president at American owner Tote, commented: “As the 0.5% global sulphur cap from January 2020 edges ever closer, the case for LNG as a marine fuel continues to gather momentum. Innovative financing is a core component to breaking down barriers to adoption and Societe Generale is at the forefront of developing frameworks to support this evolution. We are therefore delighted to welcome them to our growing coalition and look forward to benefiting from their extensive knowledge and experience.”
Societe Generale’s commitment to financing alternative solutions – which support the development of green maritime transport – is demonstrated by its involvement in the first transaction for the European Union’s recently instituted Green Shipping Guarantee programme. Societe Generale acted as the sole mandated lead arranger, lease investor, facility and security agent, hedge provider, and lender in a EUR142.6m French lease financing of Honfleur, the first LNG-powered ferry to be commissioned by Brittany Ferries, with a funded guarantee from the European Investment Bank.