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Colombian electric transport stakeholders seek IDB financing

Bnamericas Published: Thursday, June 25, 2020
Colombian electric transport stakeholders seek IDB financing

Ashmore Andean Fund II, Fondo Ashmore Andino II and Somos Provisión look to secure IDB Invest funds to help finance the purchase of electric buses for concessions in Colombia.

The stakeholders established special purpose companies Electribús Bogotá Usme I and Electribús Bogotá Fontibón II, which hold 15-year concessions to operate in capital Bogotá’s integrated public transport system (SITP).

Usme I and Fontibón II will deploy 133 and 126 buses, respectively, for a total project cost of 290bn (US$78mn), according to information from IDB’s private sector lending arm, which would provide up to 196bn pesos.

The concessionaires have signed bus purchase contracts with China's BYD.

At the end of the concessions, the buses will be transferred to the city’s public transport administrator Empresa de Transporte del Tercer Milenio.

Other financing participants include the UK Sustainable Infrastructure Program, Colombia’s Financiera de Desarrollo Nacional and Proparco from France, highlights IDB Invest, whose board is projected to review the financing request in September.

Also read Electromobility poised to play greater role in mass transit after COVID-19 and Bogotá steps up electric vehicle revolution

Photo credit: SITP

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