Canada Infrastructure Bank to invest up to $ 400 million to transition city of Brampton’s 450 zero-emission buses
Sustainable transport vehicles will contribute to Brampton a green city
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BRAMPTON, ON, July 21, 2021 / CNW / – The Canada Infrastructure Bank (CIB) and the City of Brampton (City) are proud to announce their agreement in principle, which would bring the CIB loan up to $ 400 million, supporting Brampton Transit’s purchase of up to 450 Zero Emission Buses (ZEBs) by 2027.
CIB’s investment will contribute to the initial investment cost of the ZEBs and related charging infrastructure. This is CIB’s third investment engagement with a municipality and supports one of the largest conversions of public transport vehicles in Canada nowadays.
ZEBs can improve the quality of life for residents who will benefit from cleaner transportation options. The transition to a fully electric bus fleet is based on the City’s commitment to reduce its carbon footprint and build a green city.
The electrification of public transport vehicles is a crucial step in the City’s journey towards reducing the GHGs generated in Brampton 80% by 2050. Once the 450 buses are deployed, ZEBs should save around 57,000 tonnes of greenhouse gases per year.
IPC and City of Brampton plan to reach financial close by the end of 2021.
The objective of the CIB is to invest $ 1.5 billion in zero emission buses and related infrastructure, which works in tandem with Infrastructure Canada programs.
I am delighted that CIB is making this major investment to support the massive expansion of the City of Brampton zero emission bus fleet. Our partnership will help you Brampton become a green city and provide cleaner public transport for generations to come. This is a great opportunity to make a difference in the modernization of municipal infrastructure. CIB will continue to make investments that improve the quality of life for Canadians and support more sustainable communities.
Ehren Cory, President and CEO, Canada Infrastructure Bank
Cleaner air, quieter streets and a safe planet for our children is the goal. By partnering with the City of Brampton, the Canada Infrastructure Bank will help move up to 450 new zero-emission buses through the streets of Brampton, towards our commitment of 5,000 additional zero-emission buses across the country. He is part of the government of from Canada plan to improve the quality of life for all Canadians, by creating good jobs and boosting the economy, fighting climate change and building more inclusive communities.
The Honorable Catherine McKenna, Minister of Infrastructure and Communities
I am proud to recognize CIB’s multi-million dollar commitment to Brampton Transit. We are revolutionizing public transport in Canada with our goal of purchasing up to 450 zero emission buses on from Brampton roads over the next six years. Brampton is a green city, and together we can reduce our carbon footprint and become an even more modern and sustainable city.
Patrick Brun, mayor, City of Brampton
CIB’s $ 1.5 billion zero-emission bus initiative helps transit agencies and school bus operators migrate their fleets to modern, environmentally friendly vehicles.
CIB seeks to invest up to CAD $ 5 billion in transit projects that are in the public interest and support Canada’s sustainable economic growth.
CIB’s investments are subject to due diligence and the approval of its Board of Directors.
SOURCE Canada Infrastructure Bank
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