Tue, Jan 21, 2020 - 10:25 AM COMFORTDELGRO'S Australian subsidiary has secured a A$25 million (S$23.1 million) green loan from OCBC Bank to fina
Tue, Jan 21, 2020 – 10:25 AM
COMFORTDELGRO’S Australian subsidiary has secured a A$25 million (S$23.1 million) green loan from OCBC Bank to finance its hybrid bus fleet in Victoria, both companies announced in a joint statement on Tuesday.
The loan was structured according to the green loan principles issued in 2018 by the Loan Market Association and Asia Pacific Loan Market Association.
Proceeds from the green loan will be used to purchase 50 hybrid buses. Delivery of these environmentally friendly buses has begun, with the last batch of buses expected in mid-2022, ComfortDelGro and OCBC said.
These low-floor buses will feature Volvo’s parallel hybrid driveline and meet Euro VI emission standards.
According to both companies, tests have shown that the Volvo hybrid driveline reduces nitrogen oxide and particulate emissions by up to 50 per cent, and lowers fuel consumption by up to 39 per cent in mixed traffic.
They added that the hybrid buses use 30 per cent less fuel and emit significantly less noise when idling at, and departing from stops.
Yang Ban Seng,…