A group of investors has launched a £100mn fund to help finance the electrification of London’s iconic red buses.
Insurer Aviva and Rock Rail, a UK-based owner and asset manager of rolling stock, have teamed up with the UK’s state-owned infrastructure investment bank to come up with a new way of funding the costly decarbonisation of Britain’s fleet of more than 35,000 mostly diesel buses.
The partnership said it has committed an initial £100mn to fund up to 250 zero emission buses across the UK. The first 60 battery-powered buses will be leased to the Go-Ahead Group, one of Britain’s biggest transport operators, and run on routes throughout London.
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