New Zealand Green Investment Finance (NZGIF) has signed a significant $50 million financing agreement with Kinetic, Australasia’s largest bus transport operator, to support the transition of public transportation in New Zealand to zero emissions. The funding will be used to finance electric buses and infrastructure as part of a larger senior lending syndicate supporting Kinetic’s sustainability objectives.
Kinetic aims to assist councils in transitioning their public bus fleets from diesel to battery electric buses, and has already delivered over 150 electric buses to New Zealand streets in partnership with councils in Auckland, Wellington, Christchurch, and Tauranga.
The NZGIF facility will fund more than 150 zero-emission buses over the term of the facility, accelerating the decarbonisation of New Zealand’s public transport fleet. If fully utilised, the facility will help New Zealand prevent over 100,000 tonnes of CO2 emissions during the assets’ lifetime. NZGIF Chief Executive Craig Weise stated that the deal is a critical step forward for New Zealand’s public transport system, and it will assist in catalysing low-carbon deals to help build a low-carbon economy.
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