Global law firm Ashurst has advised the underwriters on the San Francisco Potrero Bus Yard Modernization P3 project, which reached successful financial close on Friday, April 17. The financing for the project is through a unique 501(c)(3) tax-exempt financing structure with a US$735m tax-exempt municipal bond issuance.
The project will replace the San Francisco Municipal Transportation Agency's (SFMTA) obsolete, century-old bus yard in the Mission District of San Francisco, California, with a modern, earthquake-safe, four-story bus maintenance and storage facility, equipped with the ability to serve battery electric buses for the SFMTA's fleet. The project is a big step in providing carbon neutral-transit service, by expanding the existing facility to cater for 68% more electric buses that do not generate GHG emissions and are powered by hydropower. The facility will also be constructed to LEED Gold standards. The project enables about 100 units of affordable housing to be built next to the bus yard.
The Ashurst team was led by partners Andrew Smith and Tristan Robinson, supported by senior associates Judy Hong and Russ Neldam, associate Yanni Thanopoulos, and counsel Ciaran Rose.
