Two offices of Clifford Chance LLP and Philippi Prietocarrizosa Ferrero DU & Uría (Colombia) have helped French and Colombian development banks lend US$130 million to the Bogotá bus system TransMilenio for the acquisition of an electric bus fleet.
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The loan was provided by Société de Promotion et de Participation pour la Coopération Economique (Proparco) and Colombia’s Financiera de Desarrollo Nacional (FDN).
TransMilenio will use the funds to buy 406 electric buses from Green Móvil, a joint venture between Colombian manufacturer Fanalca and French public transport operator Transdev.
The credit line will also cover the cost of support infrastructure for the operation of the fleet, including the corresponding charging stations and a workshop.
With the addition of the new fleet, TransMilenio will have nearly 1,500 electric buses – the largest electric bus fleet in Latin America.
The TransMilenio system has been accredited with reducing carbon emissions in the city and has provided jobs and affordable public transport across the Colombian capital. It is estimated that 2.3 million Bogotá residents use the system daily.
Counsel to Société de Promotion et de Participation pour la Coopération Economique and Financiera de Desarrollo Nacional
Clifford Chance LLP
Partner Fabricio Longhin and associate Daniel Justus in Washington, DC, and associate Julian Hurtado Vallejo in New York
Philippi Prietocarrizosa Ferrero DU & Uría (Colombia)