Burges Salmon Facilitates £100m funding platform for Zero-Emission bus network
This initiative, formed through a partnership between Rock Rail, Aviva, and the UK Infrastructure Bank, aims to accelerate the adoption of zero-emission buses across the UK
The partnership, bolstered by a senior debt facility from the UK Infrastructure Bank and HSBC UK, has committed an initial £100 million to fund the deployment of up to 250 zero-emission buses and associated infrastructure. Already, a deal has been struck to finance 60 battery-electric buses for the Go-Ahead Group, earmarked for routes throughout London. This investment promises to significantly reduce carbon emissions and enhance air quality in the capital.
Burges Salmon's Sustainable Transport team played a pivotal role in navigating the intricacies of this landmark transaction for the Rock Group. Led by partners Chris Simms, Stuart McMillan, and Danny Lee, the team provided comprehensive legal counsel spanning corporate, projects, and finance aspects. Senior associates Daniel Hogg and Elin Blundell, along with associates Madison Sutton, Olivia Hoh, and Keir Stewart, supported the team, ensuring a seamless execution of the deal.
Chris Simms, Partner at Burges Salmon, highlighted the firm's commitment to decarbonising the UK transport sector and praised the collaborative effort that led to the successful launch of the funding platform. He emphasised Burges Salmon's expertise in commercial arrangements for electric vehicles (EVs) and its extensive track record in decarbonisation projects within the transport sector.
David Rose, Director of Rock Road, expressed gratitude for Burges Salmon's invaluable guidance throughout the process. He underscored the firm's deep understanding of the transport sector and finance mechanisms, which played a crucial role in facilitating the deal's completion.
The collaboration between Rock Road, Aviva, the UK Infrastructure Bank, and HSBC UK represents a significant step towards achieving the ambitious goals of decarbonising the UK's bus networks. With Burges Salmon's expertise driving the legal aspects of this initiative, the future of sustainable transportation in the UK looks brighter than ever.