“We want to accelerate those plans. We want to deliver more electric buses and convert more depots. Melbourne in particular, has quite a bit coming soon,” he said.
Kinetic is set to buy another 200 electric buses in Victoria and is nearing completion in December on electrifying a depot in Preston for services in Melbourne’s northern suburbs.
It owns 51 per cent of the international Go Ahead group which on Sunday took over operating Stockholm’s metro train network under a joint venture called Connecting Stockholm, one of the largest public transport contracts in continental Europe.
“Our rail capabilities come through Go Ahead,” Sewards said. “They’re a very well-established rail operator.”
The company’s rail arm took over running London’s Elizabeth line in May and also operates the Gatwick Express, Thameslink, and Southern Rail.
TPG’s investment in Kinetic is subject to regulatory approvals. A former Kinetic investor, OPTrust, will hand its shareholding to TPG and another founding investor, Foresight Group, will reduce its stake from 49 per cent to 30 per cent under the transaction.
Loading
Sewards said Kinetic has a strong pipeline of electric buses on order, backed by partnerships with governments across multiple jurisdictions, long-term contracts, a healthy operational performance, and an ambitious electrification agenda.
Scott Lebovitz, a managing partner at TPG Rise Climate, said Kinetic’s expansion within existing markets and into new international markets represents a strong growth opportunity.
The company recently launched a SkyBus Eastern Express service to Melbourne Airport and will fully electrify its existing SkyBus fleet over the next few years, investing $80 million. SkyBus has also secured contracts with Sydney Airport to provide ground transportation services, with a focus on electrification.
