Rock Road has reached financial close on the financing package for 60 battery-electric buses to be operated by The Go-Ahead Group in London.

Rock Road, a joint venture between Rock Rail and Aviva Capital Partners, has entered into a partnership with the UK Infrastructure Bank to provide a new funding platform for zero-emission buses.  With the support of a senior debt facility from the UK Infrastructure Bank and HSBC UK, the partnership has committed an initial £100m to finance up to 250 zero-emission buses across the UK.

Operis provided financial modelling and tax & accounting advisory services to Rock Road in the lead up to the financial close.

Rock Road offers financing solutions for UK bus operators to transition away from fossil fuels and decarbonise by minimising capital outlay and outsourcing key ownership risks around battery replacement and residual value.  By establishing a scalable funding model to support decarbonisation, Rock Road hopes to reduce the reliance on public funds to fuel the transition.

David Rose, Director at Rock Road, said: “The Rock Road team is grateful to Operis for their support in helping us to raise project finance funding and achieve financial close on this landmark transaction in the zero-emission bus sector.”

Chris Aldred, Director at Operis, commented: “The Rock Road platform will make a material contribution to the decarbonisation of the public transport system for London.  Operis is privileged to have worked with Rock and partners Aviva, HSBC and UKIB on the establishment of the platform.”

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