UKIB, Aviva and Rock Rail partner to roll out electric buses

Up to 250 low-emission buses will be funded via an initial £100 million investment in a new partnership intended to help kick start a switchover for the country’s 36,000 diesel buses.
The UK Infrastructure Bank has formed the partnership with Rock Rail and Aviva (via its in-house capital unit Aviva Capital Partners). They will provide the new funding platform to zero emission bus financier ‘Rock Road’. The initial funding is partly secured via debt facilities from UK Infrastructure Bank and HSBC UK.
Rock Road aims to help UK bus operators and public transport authorities to decarbonise their fleets. The partnership has 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.
The Rock Road platform is owned by Rock Rail and Aviva and it builds on experience in the rail sector.
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 £50 million debt financing to the platform. HSBC UK is also providing debt finance.
Charlotte Jones, Chief Financial Officer at Aviva, said
“Aviva is investing across the UK to stimulate growth, help communities get ready for the future and support the transition to net zero. This investment will make it easier for transport authorities to decarbonise their networks whilst continuing to provide a valuable public service.”

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