Canada Infrastructure Bank will invest up to $400 million towards the City of Brampton’s 450 zero-emission bus transition
The Canada Infrastructure Bank (CIB) and the City of Brampton (City) announced an agreement in principle, which would see the CIB loan up to $400 million, supporting Brampton Transit’s purchase of up to 450 zero-emission buses (ZEBs) by 2027.
The CIB’s investment will contribute towards the upfront capital cost of the ZEBs and related charging infrastructure. This is the CIB’s third ZEB investment commitment with a municipality and supports one of the largest conversions of public transit vehicles in Canada to date.
“Our partnership will help Brampton become a Green City and provide cleaner public transportation for generations to come,” said Ehren Cory, president and CEO, Canada Infrastructure Bank. “This is a tremendous opportunity to make a difference in modernizing municipal infrastructure. The CIB will continue making investments which improve the quality of life for Canadians and support more sustainable communities.”
The electrification of transit vehicles is a critical milestone in the City’s journey to reducing GHGs generated in Brampton by 80 per cent by 2050. Once the 450 buses are deployed, ZEBs are estimated to save approximately 57,000 tonnes of greenhouse gases per year.
“We are revolutionizing transit in Canada with our goal to purchase up to 450 zero-emission buses on Brampton’s roads in the next six years,” added Brampton Mayor Patrick Brown. “Brampton is a Green City, and together, we can reduce our carbon footprint and become an even more modern and sustainable city.”
The CIB and City of Brampton expect to reach financial close by late 2021.
The CIB has stated that its goal is to invest $1.5 billion in zero-emission buses and associated infrastructure, which works in tandem with programs at Infrastructure Canada.
Featured image: City of Brampton