Dutch ship finance specialists PROW Capital have launched a €420m ($471m) green shipping fund that provides credit to shipowners for investments in new and existing vessels or retrofits that demonstrate measurable emissions reductions.
To qualify for this new Dutch financing, vessels must outperform relevant emissions regulations. With an average loan size of €15m to €50m and strict eligibility criteria, the fund’s backers claim it provides competitively priced pre- and post-delivery senior secured debt financing to short- and deepsea vessel owners located in Europe.
PROW Capital will monitor vessel emissions data and transparently report independently validated CO2, NOx, SOx and PM emissions reductions.
PROW Capital was founded in 2020 by a team of seasoned maritime technology, finance and sustainability professionals. PROW is based in Amsterdam and is registered by the Dutch Authority for Financial Markets (AFM). The company is a member of the Getting to Zero coalition.
PROW’s Menno van Lacum commented: “We are driven by the scale of the impact we can make. Against a backdrop of worldwide deleveraging, retrenchment of sector banks and increasing international urgency to tackle climate change, we are providing 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.”