DRT eyeing $68MIL from CIB for up to 100 battery electric buses
August 3, 2022 By Anthony Capkun
August 3, 2022 – The Canada Infrastructure Bank and Regional Municipality of Durham have signed a Memorandum of Understanding (MoU) that could see the bank provide up to $68 million to support Durham Region Transit’s (DRT) purchase of up to 100 battery electric buses by 2027.
“DRT’s commitment to reducing energy use, costs and greenhouse gas emissions with the electrification of transit vehicles will create a cleaner, low-carbon future,” said John Henry, regional chair and CEO, Durham Region.
The funding will contribute toward a portion of the capital acquisition costs of the buses. Consistent with CIB’s zero-emission bus (ZEB) initiative, repayment is expected to be covered through the anticipated reduced operating costs (over time) of these electric buses as compared to diesel buses.
CIB’s Zero-emission Bus Initiative assists transit agencies and school bus operators to transition their fleets to environmentally friendly vehicles. Its financial support will work in conjunction with Infrastructure Canada’s funding for zero-emission transit.
DRT’s E-Mission Zero strategy includes a suite of emission-reducing initiatives intended to introduce a more sustainable network of vehicles, infrastructure and facilities over the next 25 years.
Durham Region and CIB are expected to reach financial close by early 2023.
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