Two teams at international law firm CMS have advised on the establishment and financing of a new funding platform for zero emission bus financier ‘Rock Road’, launched as a partnership between Rock Rail, the UK Infrastructure Bank and Aviva Capital Partners.
CMS Finance Partner Katie Duffield and CMS Energy Partner Bill Carr led a team advising Aviva, through its in-house capital unit Aviva Capital Partners, on the partnership; CMS Finance Partner, Gwen Edwards, led a team advising HSBC UK on the senior debt facility.
HSBC UK provides asset finance solutions to businesses in the UK, helping them access the equipment, vehicles, or technology they need to grow without making large upfront investments. Aviva is investing across the UK to stimulate growth, help communities get ready for the future and support the transition to net zero.
The partnership and debt facilities will provide an initial £100m to fund up to 250 zero emission buses and associated infrastructure. The first deal under the new funding platform has been signed to fund 60 battery-electric buses that will be leased to the Go-Ahead Group and deployed on routes throughout London.
Gwen Edwards commented: “We are delighted to have worked with the HSBC UK team on this debt facility, which will accelerate the decarbonisation of public transport across the UK. Our financing expertise and collaborative approach enabled us to work seamlessly with all parties and their advisers to secure this successful outcome.”
Katie Duffield added “We are delighted to have had the chance to extend our long-standing relationships with Aviva and Rock Rail from the rail sector into the zero emission bus market. A growing sector and one that is so important for achieving the shift to net zero.”
