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

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 been instrumental in enabling 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.”

The buses, which serve routes west of the capital, are based at garages in Fulwell, Harrow, Westbourne Park and Shepherd’s Bush, with plans underway for the conversion of garages at Edgware and Hounslow Heath.

RATP Dev Transit London’s strategy is to reduce emissions per vehicle-mile over the coming years, aiming to operate a fully zero-emissions fleet in the future.

HSBC has committed to providing between $750bn – $1trn of sustainable financing and investment by 2025.

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