EIB agrees funding for new East Anglia trains

The European Investment Bank (EIB) has agreed to provide US$76 million (£60 million) for the purchase of new trains that will improve passenger services in East Anglia on key London, intercity, airport and local services in the UK. The 378 new train carriages will be used by franchise operator Abellio and replace outdated existing electric and diesel trains currently used on the routes. The EIB loan is guaranteed by the European Fund for Strategic Investments (EFSI) under the Investment Plan for Europe, and
October 6, 2016 Read time: 2 mins

The 4270 European Investment Bank (EIB) has agreed to provide US$76 million (£60 million) for the purchase of new trains that will improve passenger services in East Anglia on key London, intercity, airport and local services in the UK.

The 378 new train carriages will be used by franchise operator Abellio and replace outdated existing electric and diesel trains currently used on the routes. The EIB loan is guaranteed by the European Fund for Strategic Investments (EFSI) under the Investment Plan for Europe, and this is the first EFSI transport loan in the United Kingdom.

The 28 year European Investment Bank loan will finance purchase of new rolling stock by Rock Rail East Anglia PLC for use by Abellio East Anglia Limited, a wholly owned subsidiary of Dutch national rail company Nederlandse Spoorwegen.

Funding of these new trains was led by Rock Rail and SL Capital with additional co-investment equity being provided by GLIL, the Greater Manchester Pension Fund and London Pensions Fund Authority infrastructure investment joint venture.

For more information on companies in this article

Related Content

  • Toll performance exceeds expectations, improves travel times
    January 30, 2012
    Jean Harito, Attica Tollway Operations Authority and Steve Morello, Egis Projects describe how looking to exceed contractual obligations makes good operational and business sense. The Attica Tollway is a modern, 65km, access-controlled urban motorway with three lanes in each direction. It constitutes the ring road around the extensive metropolitan area of the Greek capital, Athens, and forms the backbone of the entire road network in the Attica region. By ensuring freeflow operating conditions, the Attica T
    Read More
  • US economic stimulus package highlights ITS technology
    July 17, 2012
    US Secretary of Transportation Ray LaHood talks to ITS International about economic stimulus funding and the absolute need to maintain and increase the use of technology in transportation. Of the total of $787 billion of funding announced under the American Recovery and Reinvestment Act (ARRA), the economic stimulus package which was signed into law by US President Barack Obama on 17 February 2009, $48.1 billion will go to the US Department of Transportation (USDOT). Of that, $27.5 billion is for highway in
    Read More
  • Peer-to-Peer carsharing in Europe projected to grow significantly
    August 24, 2012
    According to Frost & Sullivan, by 2020 more than 200 traditional carsharing organisations (CSOs) and another 24 Peer-to-Peer (P2P) CSOs are expected to take the European market for carsharing to new heights. More than 14 million new members are expected to use carsharing services in Europe by the same year, while three new sub-segments will emerge in the market: electric vehicle carsharing, corporate carsharing and one-way carsharing. While the new segments arise in particular due to continued urbanisation
    Read More
  • National funding cuts cause fragmentation of US ITS market
    February 1, 2012
    Paul Everett, Research Director with IMS Research, looks at how ITS deployment varies across the US and what this means in terms of market potential for systems manufacturers and suppliers At the end of 2010, the US will have a total resident population of close to 310 million, rising to an estimated 439 million by 2050.
    Read More

Highlighted Content