Shipowners with decarbonisation plans are increasingly seeking to tap the green financing market. File Image / Pixabay
Investment firm PROW Capital has launched a €420 million fund seeking to provide credit to shipowners for decarbonisation expenditure.
The firm is aiming for an average loan size of €15-50 million, it said in an emailed statement on Thursday. Shipowners will need to demonstrate that their vessel plant outperform existing emissions regulations.
"We are driven by the scale of the impact we can make," Menno van Lacum, a director at PROW Capital, said in the statement.
"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."