With an investment of approximately US$134 million, IDB Invest, Enel X and InfraBridge seek to give a significant boost to electric mobility in Bogota.
This is a financing program that will grant senior loans to companies created to join Enel X’s project with a line of business with special purpose vehicles.
The program has already financed 401 electric buses with low polluting emissions that operate under the concession modality in 10 routes in the localities of Fontibón and Usme, in the city of Bogotá.
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Financing Details
IDB Invest, as joint lead bookrunner and joint lead arranger, together with the UK Sustainable Infrastructure Program (UK SIP) underwrote 50% of the total loan amount, while BNP Paribas contributed the remaining amount to complete the financial closing of the operation between the three of them.
UK SIP provided a total amount equivalent to 90 billion Colombian pesos (approximately US$20 million) of blended financing.
The use of these funds will support climate change mitigation, to achieve an estimated reduction in CO2 emissions of around 237,464 tons, 3.1 tons of particulate pollution, and 4,663 tons of nitrogen oxide.
This financing from IDB Invest, UK SIP and BNP Paribas accelerates the incorporation of electromobility in public transport in Latin America and the Caribbean by supporting, on the one hand, a long-term project finance model and, on the other hand, the participation of the private sector in the financing of this new asset class.
New Units
It should be noted that the project will also enable the fleet of diesel buses to be replaced by electricity, which will mean a significant reduction in energy expenditure of 75% of the total cost.
It will also involve a modernization of the bus network, providing a better travel experience, with access to wifi, USB for cell phone charging, and accessible platforms for people with disabilities, among others.
IDB Invest will finance 100% of the cost of technical advisory services, which will improve the useful life of the batteries and the management of their second use.
This is IDB Invest’s first operation in electric mobility and reflects its commitment to promote sustainable projects in the region, supporting the region’s private sector by attracting institutional investors and fulfilling its mandate to improve the lives of people in the region.
