
Rock Rail East Anglia has secured £60m from the European Investment Bank (EIB) to finance new trains that will improve passenger services in East Anglia on key routes to London, intercity, airports and locally.
The 28-year EIB loan is guaranteed by the European Fund for Strategic Investments (EFSI) under the Investment Plan for Europe and will be used to buy new rolling stock by Rock Rail East Anglia for Abellio to operate.
Franchise operator Abellio will use the 378 new train carriages and replace existing outdated electric and diesel trains that are currently used on the routes.
EIB vice-president Jonathan Taylor said: “Investment in new trains, upgrading rail infrastructure and building new lines has transformed UK local and national rail use in recent years and helped to double the number of rail passengers over the last 20 years.
“The European Investment Bank is pleased to support investment in new trains that will benefit both commuters to Europe’s biggest city and local travel on Abellio operated lines.”
Rock Rail and SL Capital led the funding of these new trains, while GLIL, the infrastructure investment venture joint venture between Greater Manchester Pension Fund and London Pensions Fund Authority, will provide additional funds.
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By GlobalDataRock Rail East Anglia founder Mark Swindell said: “We are delighted to close our second rolling stock financing, especially in what have been volatile markets post Brexit.
“The highly competitive long term nature of funding provided by our Bbue chip institutional investors delivers best value for money to the East Anglia passengers and tax payer over the life of the trains.”
Over the last decade, EIB has provided more than £8.4bn for transport investment across the UK and nearly €160bn throughout other countries.
Image: Rock Rail and SL Capital have gained funding for new trains. Photo: Copyright © European Investment Bank.