London bus firm secures electric future with £30m HSBC green finance package

RATP Dev Transit London has secured a £30m green finance package from HSBC Equipment Finance for investment in electric buses to decarbonize its fleet as part of its greener transport strategy.

The support from HSBC UK has enabled RATP Dev Transit London to continue expanding its electric bus fleet with the addition of 75 new buses, including 54 double-decker buses and 21 single-deck buses.

The total number of electric buses in the RATP Dev Transit London’s fleet now stands at over 300 buses, cementing the firm’s position as one of the largest operators of electric buses in London, with over 25 per cent of its fleet fully electric.

John Keenan CFO, RATP Dev Transit London, commented: “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.

“Electrification is a critical part of our business in partnership with Transport for London. We launched our first two 100 per cent electric routes in 2018 and London’s first fully electric 24-hour, double-decker route in 2019. By mid-2022, we will be operating 15 zero-emission routes and will have six of our garages converted with electric capability.”

Rob King, head of sustainable finance at HSBC UK, added: “Transport is now the largest greenhouse gas emitting sector in the UK. This makes the adoption of clean transport a key priority for reducing emissions as well as improving air quality and the population’s health.

“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.”

Want your business, product or service to be seen regionally and nationally? Bdaily helps you get your story in front of the right audience, every day. Find out how Bdaily can help →

Join more than 55,000 subscribers by signing up to our daily bulletin each morning here.