London bus firm RATP Dev Transit London announced today it has secured a £30m green package from HSBC to expand its electric bus fleet.
As a result of the funding, the company – who owns London bus companies London Sovereign, London Transit and London United – will acquire an additional 75 electric buses, including 54 double-deckers and 21 single-deck buses.
“Transport is now the largest greenhouse gas emitting sector in the UK,” said HSBC’s head of sustainable finance Rob King said. “RATP Dev Transit London has identified electric transport as a clean and sustainable long-term solution to the demands of public transport in London and we are very pleased to work with the business on providing this green loan financing.”
The loan – part of HSBC’s commitment to provide between $750bn and $1tn of sustainable financing by 2025 – will help the company with its environmental goals.
“We are pleased to be working hand-in-hand with HSBC UK and Transport for London to deliver new electric buses and provide sustainable public transport solutions with environmental benefits for all Londoners,” added RATP Dev Transit’s chief finance officer John Keenan.
“By mid-2022, we will be operating 15 zero-emission routes and will have six of our garages converted with electric capability.”