T&L Provides Innovative Funding for Cleaner City

T&L Leasing in Partnership with Aldermore bank has provided a £2.25 million asset finance facility to returning customer, NRG Fleet Services, a fully integrated fleet solutions provider. The finance will provide Riverside Truck Rental, a trading subsidiary of NRG, with specialist funding for seven new electric compact Refuse Collection Vehicles (eRCVs).

The environmentally-friendly vehicles have been manufactured at a factory in Blackburn, Lancashire by Electra Commercial Vehicles, a strategic partner of NRG. The vehicles will be operated by a global waste and energy management services Group that delivers the City of London Corporation’s recycling and waste collections services and will help the Corporation’s drive to cut down pollution in the City. 

Lee Rhodes, commercial director for asset finance at Aldermore, said: “The UK’s low emission vehicle industry is a huge success story. We’re proud to be working with NRG Fleet Services on this journey towards cleaner refuse vehicles on our roads. This is a step in the right direction in helping the UK meet its net-zero target, while keeping our streets clean.”

Sid Sadique, Chairman of Electra Commercial Vehicles, commented: “We have had a long-standing relationship with Aldermore bank. We are very pleased that it has supported a very green initiative for the City of London to introduce clean zero-emission vehicles into their fleet. The bank has a very good understanding of the transition challenges fleet operators are facing to go zero-emission to meet public demand for clean air in our cities and towns.”

Steve Richardson, CEO of NRG, commented: “We have seen the demand from our customers to operate cleaner vehicles in their fleet. Our strategic partnership with Electra ensures NRG Fleet Services is ahead of this challenge. Working together with Aldermore, the client and Electra, we have delivered one of the first fleets of zero-emission heavy trucks in the UK.”

Paul Lewis, Director of T&L Leasing commented: “Aldermore were without doubt the most commercially receptive bank for this opportunity. This was a complex deal and the end result represents an excellent solution for all parties. The electric vehicle market is unsurprisingly growing rapidly and I am sure Aldermore will continue to play a key role in the sector.”