The CIB and City of Brampton achieve financial close on investment of up to $400M towards zero-emission buses

Sustainable transit vehicles will help make Brampton a Green City

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BRAMPTON, ON, April 4, 2022 /CNW/ - The Canada Infrastructure Bank (CIB) has achieved financial close on an investment of up to $400 million with the City of Brampton (City) to help finance the acquisition of up to 450 zero-emission buses (ZEBs) through 2027.

The CIB's investment will contribute towards the upfront capital cost of the battery-electric buses which will help accelerate the electrification of the City's bus fleet. Consistent with the CIB's ZEB initiative, repayment of the investment is expected to be covered through the anticipated reduced operating costs over time of the ZEBs as compared to diesel buses.

ZEBs can improve the quality of life for users who will benefit from a cleaner, quieter commuting option, which also protects the environment. Transitioning to a fully electric ZEB fleet in the future builds on Brampton's commitment to reducing its carbon footprint and building a Green City.

The electrification of transit is a critical milestone in the City's journey to reduce greenhouse gas emissions (GHGs) generated in Brampton by 80 per cent by 2050. The implementation of up to 450 ZEBs are estimated to save up to 115 tonnes of carbon emissions per bus, per year, totaling approximately 53,000 tonnes annually. It is the equivalent of removing approximately 12,000 passenger vehicles (by tonnes of GHGs) from the road.

To date, the CIB has committed over $1.5 billion towards more than 5,000 ZEBs across Canada.

Endorsements:

I am delighted our investment to support the City of Brampton's transition to a fleet of zero-emission buses has achieved financial close. The impact of our partnership will not only help Brampton become a Green City, but also provide cleaner public transportation for future generations. This is a unique opportunity to make a difference in modernizing municipal infrastructure and build healthier communities.
Ehren Cory, President and CEO, Canada Infrastructure Bank

"Municipalities are playing a critical role in the fight against climate change. This key investment by the Canada Infrastructure Bank will offer the residents of Brampton a clean, environmentally sustainable, and reliable transportation option while helping Canada reach its ambitious emissions reduction targets. Our federal government continues to make important investments in Brampton to improve the overall quality of life and wellbeing of the residents."
The Honourable Kamal Khera, Minister of Seniors, Member of Parliament for Brampton West

I am proud to announce that the City of Brampton and the Canada Infrastructure Bank have reached financial close on this multi-million-dollar investment towards Brampton Transit. As Brampton Transit purchases up to 450 zero-emission buses for Brampton's roads in the next five years, our partnership will lead the next level of sustainable transit in Canada. Brampton is a Green City, and together, we will reduce our carbon footprint and improve quality of life for everyone. 
Patrick Brown, Mayor, City of Brampton

Quick Facts:

• The CIB's Zero-emission Bus Initiative assists transit agencies and school bus operators to transition their fleets to modern, environmentally friendly vehicles.
• The CIB seeks to invest up to CAD $5 billion into public transit projects that are in the public interest and support Canadian sustainable economic growth.
• All CIB investments are subject to approval by its Board of Directors.

Learn More: 

www.cib-bic.ca 
www.brampton.ca

SOURCE Canada Infrastructure Bank

Media Contacts: Terence Foran, 416-356-6912, [email protected]; City of Brampton Media Relations: [email protected]