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 The 378 new train carriages will be used by franchise operator Abellio and replace outdated existing electric and diesel trains currently used on the routes.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The 378 new train carriages will be used by franchise operator Abellio and replace outdated existing electric and diesel trains currently used on the routes.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

  • Outlook good for transportation technology funding
    January 25, 2012
    Chris Cheever and Chris Thomas of Fontinalis Partners discuss the funding outlook for the ITS industry – where the money’s going to come from, and what needs to happen to facilitate change
    Read More
  • Europe spends €112 billion per year on fossil fuels despite Phase-out plans
    September 29, 2017
    The European Governments and EU are subsidising €112 billion each year for the production and consumption of fossil fuels, claims a new report from the Overseas Development Institute and Climate Action Network (CAN) Europe – violating the Paris Agreement’s phase-out plan 2020. The report, Phase-Out 2020: Monitoring Europe’s fossil fuel subsidies (PH20202) gathered the information from 11 European countries between 2014 – 2016.
    Read More
  • Cost Benefit: There’s still life in the RSU
    May 24, 2021
    A mixture of mobile and static roadside units may be what’s required to fulfil the needs of connected vehicle communications
    Read More
  • Indian tech company wins award for turning diesel buses into EVs
    May 18, 2016
    The International Transport Forum (ITF) has awarded India-based technology firm, KPIT Technologies, the Promising Innovation in Transport Award 2016, for its development of a system that can convert new as well as existing diesel buses into full electric buses. KPIT’s smart electric bus technology is modular and highly versatile, making is possible to retrofit different vehicle types from mini buses to large 12-metre public transport buses. The first bus retrofitted by KPIT went into serviced in 2015
    Read More

Highlighted Content