October 3 (SeeNews) - The European Bank for Reconstruction and Development (EBRD) said on Wednesday that its board has approved a project envisaging provision of a loan of up to 14.7 million euro ($17 million) to the public transport company of Bulgaria's capital - Sofia Electrical Transport Company, for the purchase of 30 electric low floor buses.
Sofia's public transport company will also purchase 12 charging stations, as well as the related spare parts and services, the EBRD said in a notice.
The loan will be split in two equal tranches of 7.35 million euro each, with the first tranche to be committed at signing and the second tranche within 18 months and, accordingly, the electric bus fleet will be deployed in two lots of 15 each over 2018-2019.
Half of the investment will be financed from the EBRD's capital while the other half from the Green Economy Special Fund.
The new electric bus fleet, which will be equipped with fast charging technology, will operate on six routes currently using EUR III diesel buses. As a result, once implemented the Project is expected to reduce CO2 emissions by approximately 54% to 1,445 tonnes per year.
($ = 0.8662 euro)