Allen & Overy (A&O) announced that it advised the International Finance Corporation (IFC), a member of the World Bank Group, the Inter-American Investment Corporation (IDB Invest) and Banco del Estado de Chile (BancoEstado) as co-lenders on their first investment in electric buses (e-buses) in Santiago, Chile. The project, the largest of its kind outside of China, will help reduce greenhouse gas emissions and air pollution in the city.
IFC, IDB Invest and BancoEstado will jointly provide up to USD344 million to finance the purchase of 992 e-buses for Santiago’s public transit system, Red Metropolitana de Movilidad. The e-buses will replace part of the existing diesel bus fleet and will run on renewable electricity, cutting 47,092 tons of CO2 emissions annually.
Transport is a major source of climate change and air quality issues, accounting for 23 percent of global energy-related emissions and 40 percent of Santiago’s pollution. E-buses are a fast-growing and innovative solution, with the global electric fleet expected to reach 3.6 million by 2030.
“We are proud to have supported IFC, IDB Invest and BancoEstado on this pioneering project, which demonstrates the potential of e-mobility to transform urban transport and combat climate change,” said A&O partner Jean Lee. “This deal showcases the potential of e-mobility as a sustainable and innovative solution for urban transport in Latin America.”
A&O partners Jean Lee in Washington, D.C. and Jillian Ashley in New York led the team, with support from New York associates Eduardo Kappel and Sagarika Sridhar and New York and Washington, D.C. law clerks Juan Manuel Camarena and Sara Douki.
