Investors included in the funding are Rock Rail (the UK Infrastructure Bank), Aviva, UK Infrastructure Bank and HSBC UK.
John Flint, CEO of UK Infrastructure Bank, said:
“The vast majority of the UK’s 36,500 buses are still diesel powered and so replacing these with a cleaner, greener alternative will be key in decarbonising the transport sector and achieving UK net zero targets. This will require a massive scale up of investment.”
The partnership is establishing intends to accelerate fleet decarbonisation, crowd in further private capital and in turn, reduce the reliance on public money to fuel the transition.
The partnership has already signed its first deal to fund 60 battery-electric buses that will be leased to The Go-Ahead Group and deployed on routes throughout London, reducing carbon emissions and improving air quality across the capital.
The UK Infrastructure Bank highlighted zero emission buses as a key investment sector for net zero in its recent strategic update. The Bank is providing £50m debt financing to the platform in line with its twin mission to tackle climate change and boost regional growth.
HSBC UK is also providing debt finance which will further support the development of the Rock Road partnership.
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