Clean Growth Initiative funds ‘green’ London buses
Read time: 5 mins Added: 05/10/2018
A new fleet of hybrid and electric buses is arriving on the streets of London in the first deal from Lloyds Bank’s Clean Growth Finance Initiative.
The purchase of the new vehicles is supported by a £50m Asset Finance facility that has been used by bus provider Metroline, to fund its fleet renewal programme.
Metroline used the first tranche of funding, £10m to buy 37 new double-decker hybrid buses for the capital.
The fleet renewal is in line with London Mayor Sadiq Khan’s plans to make the capital the world’s greenest global city.
To support this initiative, Transport for London (TfL) is committed to operating low-emission transport across London, with a target to reduce carbon dioxide emissions by 60% by 2025.
Kim Collins, Relationship Director at Lloyds Bank Commercial Banking, said: "This investment shows a continued commitment to offering low-emission transport, underlining London’s role as a global pioneer in the move towards cleaner city-wide transport networks."
Metroline is one of Transport for London’s largest bus providers and has a fleet of over 1,600 carrying more than one million people on almost 100 routes each day.
"Accessing the Lloyds Bank funding to invest in our fleet has given us the strong platform to make a real difference."
Ishai Novick, Finance Director of Metroline
Our Clean Growth Finance Initiative provides discounted funding across a broad range of green programmes to help businesses transition to a lower carbon, more sustainable future.
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