Projects

Rock Road - MEEF

Energy

Low Carbon Mobility

MEEF provided a debt and equity funding package to Rock Road for a fleet of 30 electric buses, supporting TFL’s pledge to make all of London’s buses electric by 2034.

Sector

Energy

Low Carbon Mobility

Location

London, England

Status

Operational

Funding type

Equity £1.6m / Debt £11.2m

Financial close

November 2022

Term length

14 year loan

About

MEEF provided both a debt and equity funded package to Rock Road to enable a new lease operator focusing on electric buses to enter the market. MEEF also successfully crowded in NatWest as the Commercial Funder on this transaction.

Rock Road are part of an established lessor who have a division leasing rail assets through Rock Rail.

The buses are leased on a long term lease to Abellio to run on route 111, the route runs from Heathrow airport to Kingston via Hampton. The fleet will replace existing diesel vehicles and supports Transport for London’s pledge to make all of London’s buses electric by 2034.

Rock Road purchased the buses from Wrightbus, a leading UK manufacturer of electric buses and the charging infrastructure was delivered by Enel X.

Key impacts and benefits

Annual CO2 Reduction

0,0 tonnes

Size of fleet

electroliners

Direct Job support

drivers and maintenance staff at the depot

Sustainable Development Goals (SDGs)

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

SDGs supported:

Outcomes

The investment is aimed to electrify London’s bus fleet to contribute towards reducing greenhouse gas emissions and tackling the devastating effects of toxic air pollution on public health
Forecasts predict that the fleet will save 1,741 tonnes of CO2 being released into the atmosphere per annum, significantly contributing towards cleaner air for Londoners

Rock Road - MEEF

About

Sustainable Development Goals (SDGs)

Outcomes

Barrow OFTO

East Anglia One OFTO (‘EA1’)

Beatrice OFTO