New Zealand's KiwiRail has agreed shipping's first loan certified by the not-for-profit Climate Bonds Initiative organisation.
Law firm Holman Fenwick Willan said it had advised the group on the NZD 350m ($242m) pre- and post-delivery financing for two new ropaxes on order in South Korea.
The loan is provided by Westpac NZ, Societe Generale, Bank of America and National Australia Bank.
Climate Bonds Initiative is an international group working to mobilise the $100trn bond market for climate change solutions.
The organisation's website says it has developed the Climate Bonds Standard and Certification Scheme to give organisations the tools and knowledge needed to navigate, influence and instigate change.
KiwiRail's new Interislander rail-enabled ferries are on order at Hyundai Mipo Dockyard (HMD).
The New Zealand owner was also advised by domestic law firm Russell McVeagh, with HFW providing specialist ship finance advice on the facility agreement and security documents.
Yard contract work too
HFW also worked with KiwiRail on the negotiation of the vessel construction contracts and related refund guarantees.
The law firm's team for this work was led by William MacLachlan and Elinor Dautlich, and included Alex Sayegh and Denis Nifontov.
HFW's John Forrester and Katherine Noble advised KiwiRail on the ship finance aspects of the transaction.
The South Korean shipbuilder said the ropaxes are 53,000 gt, while KiwiRail revealed the price as $369m combined.
HMD will deliver them in 2025 and 2026.
Greg Miller, chief executive of KiwiRail, has said the two "state-of-the-art" newbuildings will be a "game-changer" for New Zealand.
The ships will reduce carbon emissions by 40%, he added.
