The European Investment Bank (EIB) has signed a EUR 70 million (USD 78.9 million) loan with the Finnish-Swedish consortium Kvarken Link Oy.
The aim is to improve the ferry connection between the two countries.
Kvarken Link Oy will finance a new ferry to transport passengers and vehicles between the ports of Umeå in Sweden and Vaasa in Finland with the help of funding.
The new ice-class RoPax ferry, to transport up to 800 passengers, would be built by Rauma Marine Constructions in Finland to high environmentally friendly specifications with hybrid propulsion. With a length of 150 metres, the passenger/car ferry is scheduled for delivery in 2021, and will operate under the Finnish flag.
The vessel will be equipped with a hybrid propulsion system with a combination of a dual-fuel engine (LNG/LBG and diesel) and batteries, as well as an electrically driven azimuth propeller system.
The project also involves port upgrade works required for the reception of the new vessel at the ferry terminals in the cities of Vaasa and Umeå.