Electric Ferry: Sustainable Navigation on the Río de la Plata

Can a single ferry have a global impact? The China Zorrilla, proves the answer is yes. This groundbreaking project—driven by Uruguayan ferry company Buquebus, financed by Banco Santander and the International Finance Corporation (IFC), a member of the World Bank Group—will connect Argentina and Uruguay with the cleanest, most efficient ferry of its kind.

While the automotive sector has embraced electric mobility, the shipping industry still faces a steep climb to reduce its carbon footprint—especially in Latin America. The China Zorrilla aims to change that.

Built by Australian shipyard Incat, renowned for using renewable energy in its operations, this fully electric ferry will carry up to 2,100 passengers and 225 vehicles across the Río de la Plata—cutting related transport emissions between the two countries by an estimated 84%. The result: cleaner air, quieter crossings, and a transformational travel experience for thousands of passengers each year.

The total US$184 million investment includes charging and transmission infrastructure essential to the ferry’s operation. For Buquebus, this marks not only an operational milestone but also a statement of intent: that large-scale passenger transport can—and must—be compatible with climate goals.

IFC’s Role

• Partial Credit Guarantee: IFC is providing a guarantee of up to US$67 million, covering approximately 63% of the US$107 million loan from Banco Santander Uruguay S.A. for the vessel’s acquisition.

• Risk Mitigation: This guarantee reduces financial risk and enables Santander Uruguay to extend greater credit exposure.

• Technical & Sustainability Advisory: IFC offered technical expertise, capacity building, and sustainability guidance, strengthening Buquebus’s environmental and social management and mitigating implementation risks.

• Financial Innovation: IFC worked with Santander Uruguay and Buquebus to structure the financing as the first blue operation in Uruguay, the first for electric mobility in Latin America and the Caribbean, and the first globally for an electric ferry.

The China Zorrilla is more than a ferry—it is a symbol of innovation, collaboration, and hope. It represents a bold step toward a cleaner, more sustainable future for the region and the world, where technology and environmental stewardship navigate together toward a greener horizon.

IFC's Role:

• Partial Credit Guarantee: IFC will provide a partial credit guarantee of up to US$67 million, covering approximately 63% of the US$107 million loan granted by Banco Santander Uruguay S.A. for the ferry's acquisition.

• Mitigation of Financial Risks: This guarantee reduces financial risk and allows Santander Uruguay to achieve greater credit exposure.

• Technical and Sustainability Advice: IFC provided technical knowledge, capacity building, and sustainability advice, enhancing Buquebus's environmental and social management procedures and helping to mitigate implementation risks.

• Financial Innovation: IFC helped Santander Uruguay and Buquebus structure this financing as the first blue loan in Uruguay and in electric mobility in Latin America and the Caribbean, as well as for an electric ferry globally.