CIB to fund 4,000 electric school buses

The Canada Infrastructure Bank (CIB) and the Quebec-based Bus Carriers Federation have reached a partnership deal which will see the CIB invest up to US$400 million for the purchase of 4,000 electric school buses in Quebec over the next five years.

The US$400 million loan to provincial bus operators marks the newest investment disbursed from the Canada Infrastructure Bank’s US$1.5 billion zero-emission bus initiative which is expected to facilitate the transition from diesel transit in Canada

This investment is structured as a long-term loan designed and tailored to help bus operators cover the vehicles’ higher upfront costs and charging infrastructure cost. It will also help accelerate the shift to electric school buses in the province.

“It’s a loan that’s based on the expected savings that the buses are going to generate over their life,” explains Charles Todd, MD of investments at CIB, during a discussion with Electric Autonomy Canada.