Sustainable transit vehicles will help make Brampton a Green City
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BRAMPTON, ON, July 21, 2021 /CNW/ - The Canada Infrastructure Bank (CIB) and the City of Brampton (City) are proud to announce their 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.
ZEBs can improve the quality of life for residents who will benefit from cleaner commuting options. Transitioning to a fully electric bus fleet builds on the City's commitment to reducing its carbon footprint and building a Green City.
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.
The CIB and City of Brampton expect to reach financial close by late 2021.
The CIB has a goal to invest $1.5 billion in zero-emission buses and associated infrastructure, which works in tandem with programs at Infrastructure Canada.
I am delighted the CIB is making this major investment to support the massive expansion of the City of Brampton's fleet of zero emission buses. Our partnership will help Brampton become a Green City and provide cleaner public transportation for generations to come. 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.
Ehren Cory, President and CEO, Canada Infrastructure Bank
Cleaner air, quieter streets, and a planet safe for our kids – that's the goal. By partnering with the City of Brampton, the Canada Infrastructure Bank will help bring up to 450 new zero-emission buses to the streets of Brampton, towards our commitment of 5,000 more zero emission buses across the country. It's part of the Government of Canada's plan to improve the quality of life for all Canadians, by creating good jobs and kickstarting the economy, tackling climate change, and building more inclusive communities.
The Honourable Catherine McKenna, Minister of Infrastructure and Communities
I am proud to welcome the CIB's multi-million-dollar commitment in Brampton Transit. 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. Brampton is a Green City, and together, we can reduce our carbon footprint and become an even more modern and sustainable city.
Patrick Brown, Mayor, City of Brampton
The CIB's $1.5 billion 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.
The CIB's investments are subject to due diligence and approval by its Board of Directors.
SOURCE Canada Infrastructure Bank
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