The Canada Infrastructure Bank (CIB) has just signed an agreement with the Bus Carriers Federation (Federation) to invest up to $400 million to enable the purchase of 4,000 zero-emission school buses (ZEBs) in Quebec.
The CIB’s long-term investment will cover the higher upfront capital costs of ZEBs compared to diesel buses.
The expectation is that the direct economic benefit will be substantial since the lifetime operating costs for ZEBs could be as much as 35% lower than diesel buses.
The Canadian bank says that financing will work in conjunction with funding provided by the Ministry of Transport of Quebec. CIB assures that the funding will be available for bus operators to purchase zero-emission buses. For their part, bus operators will be responsible for procurement, charging infrastructure and maintenance of vehicles.
The Province of Quebec’s has the goal of reducing GHG emissions by 65% by 2030. The zero emission Buses should reach this goal.
Just last month Lion Electric received a conditional purchase order for 1,000 all-electric LionC school buses from Student Transportation of Canada (STC).