Decarbonising the transportation sector in the UK and Ireland
Financing of up to 430 new E-Buses will enable EV fleet and battery storage provider Zenobē Energy to significantly contribute to decarbonising road transportation in the UK and Ireland.
To help accelerate the UK and Ireland's transition to a ‘green road’ transport system, Zenobē Energy plans to deliver clean, efficient, and affordable fleet electrification solutions by providing turnkey solutions to electric bus fleet operators.
As part of this strategy, Zenobē Energy has secured a £241 million debt structure to initially finance the rollout of up to 430 new electric buses and charging infrastructure across the UK and Ireland. The addition of this new fleet will increase the Company’s market share in the UK’s e-bus market from 25% today.
Electric buses are critical for the sustainable development of cities, playing a pivotal role in improving the urban transport emissions and health of citizens, and providing a more affordable alternative to urban car use.
Over the course of 15 years, a single new e-bus can reduce 990 tonnes of carbon dioxide emitted into the atmosphere, eliminate 375 kgs of nitrogen oxides, and save 500,000 litres of fuel. Considering the fleet as a whole, CO2 emissions alone could be reduced by more than 425,000 tonnes over the same time period.
To support this landmark transaction, Societe Generale acted as Mandated Lead Arranger and Hedge Provider for Zenobē Energy, providing financing for a positive impact activity focused on sustainable public transportation solutions.
This innovative funding structure marks the coming of age of structured finance solutions for fleet electrification, and signifies substantial growth for our business, allowing us to accelerate the rollout of electric buses across the UK and Ireland.
Through this transaction, Societe Generale re-affirms its commitment to being a key player in the UK’s energy transition and its position as a pioneer in the e-mobility sector. It is another example of leadership in innovative infrastructure finance transactions.