Projects

London Borough of Westminster – Street Cleaning Fleet - MEEF

Energy

Low Carbon Mobility

MEEF part financed a fleet of 100 street cleaning vehicles for Westminster Council.

Sector

Energy

Low Carbon Mobility

Location

London, England

Status

Operational

Funding type

Debt - £8m

Financial close

October 2023

Term length

12 year loan

About

MEEF part financed a fleet of 100 street cleaning vehicles for Westminster through a loan for £8m, providing significant carbon reduction and improving air quality in the Capital.

These are to be operated by Veolia, Westminster’s environmental partner, across the Borough and will replace the existing fleet of diesel vehicles.

The project supports Westminster’s carbon reduction strategy and air quality objectives as highlighted in the Fairer Westminster Delivery Plan whilst strongly aligning with the London Mayor’s transport strategy. Overall converting the Westminster fleet from diesel to electric is estimated to reduce CO2 emissions by 1,300 tonnes per annum.

MEEF successfully crowded in NatWest as the Commercial Funder on this transaction

Key impacts and benefits

Annual CO2 Reduction

0,0 tonnes

No. of electric vehicles

out of a fleet of 100

Council’s targets

0 %

of the Council’s waste collection vehicles are now zero emission EVs

Sustainable Development Goals (SDGs)

2030 Agenda for Sustainable Development adopted by UN Member States in 2015

SDGs supported:

SDG contribution

Outcomes

The investment supports the Council’s carbon reduction strategy and air quality objectives whilst supporting the London Mayor’s transport strategy and Fairer Environment plan
Forecasts predict that the MEEF funded fleet of vehicles will save 1,296 tonnes of CO2 being released into the atmosphere per annum, significantly contributing towards cleaner air for Londoners

London Borough of Westminster – Street Cleaning Fleet - MEEF

About

Sustainable Development Goals (SDGs)

Outcomes

Barrow OFTO

East Anglia One OFTO (‘EA1’)

Beatrice OFTO