Client stories

TfL’s electric buses reduce CO2 emissions by 1,750 tonnes per year

Helping London meet its zero carbon targets

The Mayor of London’s Energy Efficiency Fund (MEEF), launched in July 2018, is a £500 million investment fund that finances the low carbon, sustainable projects and infrastructure London needs to tackle the climate emergency and become net-zero by 2030. 

Established by the Mayor with funding from the European Regional Development Fund and managed by Amber Infrastructure, MEEF has so far helped reduce London’s CO2 emissions by more than 16,000 tonnes per year[1] – the equivalent to taking 14,500 cars off the road – by supporting projects that deliver new low carbon technology or upgrade existing infrastructure. Project examples include: electric vehicle charging infrastructure combined with energy storage, the installation of water source heat pumps to over 2,000 homes in the London Borough of Southwark, and the construction of a Meridian Water Heat Network in the London Borough of Enfield supplying over 10,000 new homes with low carbon energy.

NatWest delivers swift funding solution for purchase of 30 electric buses

Looking to fund the purchase of 30 electric buses by zero emissions bus provider, Rock Road, which will be leased to London bus operator Abellio, the MEEF and Amber Infrastructure Group asked NatWest to support the transaction with a suitable debt facility. 

Based on the project’s specific financing requirements, NatWest – as the sole lender – agreed a £4.68 million term loan, collaborating closely with other teams internally to deliver the funding within the customer’s desired timeframe of only one week.

NatWest committed to provide £100 billion in climate and sustainable funding and financing

Joanne Patrick, Head of Sustainable Energy at Amber Infrastructure, commented: “We are delighted to work together with Rock Road to support this innovative approach to financing zero-emission buses in London. We hope that this project will act as a catalyst to support Rock and London bus operators to decarbonise their fleets and improve air quality throughout the Capital.”

Jacob Lloyd, Head of Specialist Asset Finance, NatWest, said: “We’re delighted to have been able to help MEEF and Rock Road with the funding of 30 new electric buses, with transport emissions reduction a key factor for successfully tackling climate change. Supporting this transaction also demonstrates our commitment to help companies and organisations transitioning to net-zero by lending £100 billion in climate and sustainable funding and financing by the end of 2025.”

Disclaimer

The information provided in this article has been prepared by National Westminster Bank Plc (NatWest) for information purposes only and is subject to change from time to time. The information and views expressed should not be treated as advice or a recommendation of any kind. NatWest makes no representation, warranty, undertaking or assurance of any kind (express or implied) with respect to the adequacy, accuracy, completeness, or reasonableness of the information provided and disclaims all liability for any use you, your affiliates, connected companies, employees, or your advisers make of it. NatWest accepts no liability whatsoever for any direct, indirect, or consequential losses (in contract, tort or otherwise) arising from the use of this material or reliance on the information contained herein. However, this shall not restrict, exclude, or limit any duty or liability to any person under any applicable laws or regulations of any jurisdiction which may not be lawfully disclaimed.

 

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