Project Name: OC Transpo Zero-Emission Buses
Partner: City of Ottawa
Location: Ottawa, Ontario
Sector: Public Transit
Commitment: up to $400 million
Description: The CIB is investing up to $400 million in the City of Ottawa’s zero-emission bus (ZEB) expansion, the largest conversion of public transit vehicles in Canada to date. Approximately 450 ZEBs will be procured by OC Transpo with the assistance of the CIB’s investment.
The electrification of vehicles is key to the City of Ottawa’s goal of reducing greenhouse gas (GHG) emissions by 100 percent by 2040 and demonstrates the City’s commitment to lead by example.
ZEBs are quieter and are expected to have lower maintenance and fueling costs compared to equivalent GHG-emitting vehicles. The buses contribute to the City’s shift toward more sustainable transportation, lowering its carbon footprint while providing a high-quality transit service for users.
The CIB will finance a portion of the ZEB purchase price and will be repaid from cost savings from the ZEB as measured against costs of an equivalent GHG-emitting bus.
The investment supports Canada’s economy by creating new manufacturing opportunities and spin off economic benefits across the supply chain.
Benefits of the CIB Involvement
The CIB’s zero-emission bus initiative assists transit agencies and school boards transition their fleets to modern, environmentally friendly vehicles. The CIB‘s financing, in the form of direct loans, can cover the higher upfront capital cost of ZEBs and charging infrastructure versus diesel buses. The CIB enables partners to take advantage of flexible financing options to modernize their bus fleets on an accelerated basis.
- City of Ottawa
- OC Transpo
- The Canada Infrastructure Bank commits up to $400 million in the City of Ottawa’s historic 450 zero-emission bus expansion
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