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Media Release

City of Brampton and Canada Infrastructure Bank achieve financial close on investment of up to $400M toward zero-emission buses


BRAMPTON, ON (April 4, 2022) – The City of Brampton and the Canada Infrastructure Bank (CIB) have achieved financial close on an investment wherein the CIB will commit up to $400 million to support Brampton Transit’s purchase of up to 450 zero-emission buses (ZEBs) by 2027.

The CIB’s financing will contribute towards the upfront capital cost of the ZEBs, and more specifically battery electric buses, to help accelerate the electrification of the City’s bus fleet. Consistent with the CIB’s ZEB initiative, repayment of the investment is expected to be covered through the anticipated operating cost savings over time of the ZEBs as compared to diesel buses. CIB is sharing in the risk of those savings materializing with the City.

This is the CIB’s largest ZEB financing commitment with a municipality to date, supporting one of the largest public transit ZEB fleet conversions in Canada.

Transitioning to an electric ZEB bus fleet builds on the City’s commitments of reducing its carbon footprint and building a Green City. ZEBs are sustainable transit vehicles that will provide an efficient, quiet and clean commute for the community.

The electrification of transit buses is a critical milestone in the City’s journey to reducing

greenhouse gases (GHGs) generated in Brampton by 80 per cent by 2050. Adding to the current fleet of 133 diesel-electric hybrid Züm buses, Brampton Transit introduced the first eight battery electric zero emission buses and four high-powered overhead opportunity chargers in May of 2021. Transitioning the full fleet to ZEBs is anticipated to save approximately 115 tonnes of CO2 per bus, per year, totaling approximately 53,000 tonnes annually of GHGs, or the equivalent of removing about 12,000 passenger vehicles (by tonnes of GHGs) from the roads.

Quotes

“I am proud to announce that the City of Brampton and the Canada Infrastructure Bank have reached financial close on this multi-million dollar investment towards Brampton Transit. As Brampton Transit purchases up to 450 zero-emission buses for Brampton’s roads over the next five years, our partnership will lead to the next level of sustainable transit in Canada. Brampton is a Green City, and together, we will reduce our carbon footprint and improve the quality of life in our community.”
- Patrick Brown, Mayor, City of Brampton

“Brampton is a leader in clean transportation initiatives, and we welcome the Canada Infrastructure Bank’s investment of up to $400M in our city. Zero-emission buses are an important part of this Council’s commitment to Brampton as a Green City.”
- Paul Vicente, Regional Councillor, Wards 1 & 5; Chair, Public Works & Engineering, City of Brampton

“The City of Brampton is committed to building a well-connected, sustainable, and energy-efficient transportation system and a greener city for all. Thank you to the Canada Infrastructure Bank for their support. We will continue to work with our stakeholders to bring investment to Brampton.”
- Paul Morrison, Interim Chief Administrative Officer, City of Brampton

“In the Region of Peel, we are focused on building a Community for Life that prioritizes environmental, social and economic sustainability. This incredible milestone and finalized commitment of up to $400 million from Canada Infrastructure Bank to support Brampton Transit in their purchase of 450 zero-emission buses by 2027 demonstrates that we are taking meaningful action and investing in our community.”\
- Nando Iannicca, Regional Chair, Region of Peel

“I am delighted that our investment to support the City of Brampton’s transition to a fleet of  zero emission buses has achieved financial close. The impact of our partnership will not only help Brampton become a Green City, but also provide cleaner public transportation for future generations. This is a unique opportunity to make a difference in modernizing municipal infrastructure and build healthier communities.”
- Ehren Cory, President and CEO, Canada Infrastructure Bank

“Municipalities are playing a critical role in the fight against climate change. This key investment by the Canada Infrastructure Bank will offer the residents of Brampton a clean, environmentally sustainable, and reliable transportation option while helping Canada reach its ambitious emissions reduction targets. Our federal government continues to make important investments in Brampton to improve the overall quality of life and wellbeing of the residents.”
- The Honourable Kamal Khera, Minister of Seniors, Member of Parliament for Brampton West
 
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As one of the fastest-growing cities in Canada, Brampton is home to more than 700,000 people and 75,000 businesses. People are at the heart of everything we do. We are energized by our diverse communities, we attract investment, and we are embarking on a journey to lead technological and environmental innovation. We partner for progress to build a healthy city that is safe, sustainable and successful. Connect with us on Twitter, Facebook, and Instagram. Learn more at www.brampton.ca.

MEDIA CONTACTS
City of Brampton Media Relations
mediarelations@brampton.ca
 
Terence Foran
Canada Infrastructure Bank
416-356-6912
tforan@cib-bic.ca