The Governing Board of the City of Madrid has authorized the Municipal Transport Company of Madrid (EMT) to enter into a leasing contract worth EUR 25 million (USD 33 million) for the purchase of 81 new ‘green’ buses in 2012. The measure is part of the investment policy of the company, which provides for the renewal of the fleet with the acquisition of a total of 123 new compressed natural gas (CNG) and hybrid-electric natural gas buses to implement the Madrid’s 2011-2015 Air Quality Plan.
These vehicles will replace bio-diesel powered buses which have completed a decade of service.
EMT’s investment budget for this year is over 49.5 million euros, (USD 66 million) of which 24 million will be financed with funds from the company, and the rest by the formula of external financing. This formula is being used to acquire the 81 buses, on lease for 12 years. To do this, once a framework agreement with one or more financing entities is signed, they will be signing individual contracts for each vehicle. The remaining 42 buses planned for 2012 will be acquired using the company’s own funds.
The city of Madrid describes itself as a pioneer in the promotion and use of cleaner fuels and vehicles and has nearly 1000 natural gas powered vehicles in its fleet, comprised of buses and waste collection vehicles.
(This article primarily compiled using information from an EMT press release)