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 The 378 new train carriages will be used by franchise operator Abellio and replace outdated existing electric and diesel trains currently used on the routes.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The 378 new train carriages will be used by franchise operator Abellio and replace outdated existing electric and diesel trains currently used on the routes.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

  • NEC to work with Royal Borough of Greenwich for smart city solutions
    October 23, 2015
    NEC Corporation has announced today that NEC Europe has signed a memorandum of understanding (MOU) with the Royal Borough of Greenwich in London to collaborate on the use of big data analytics and visualisation to improve public and commercial services for local residents, as part of the newly-announced Greenwich Smart City Strategy. Digital Greenwich, a wholly owned subsidiary of the Royal Borough of Greenwich, promotes the development of the digital economy in the borough. This includes developing inn
    Read More
  • Boost for EV charging in Canada
    July 24, 2017
    Canada's electric vehicle industry is about to receive a major boost with the announcement of an agreement between eCAMION, based in Toronto, Dallas-based Leclanché North America, part of Switzerland's Leclanché and SGEM based in Geneva, to develop and install a network of 34 fast-charging stations along the Trans-Canada Highway (TCH). The project, designed to encourage the adoption of electric vehicles (EVs) in Canada, is being partially funded Natural Resources Canada (NRCan) under the Canadian Energy Inn
    Read More
  • Substantial savings from smarter street lighting
    February 25, 2015
    As authorities strive to reduce expenditure and carbon emissions, Colin Sowman looks at some of the smart ways of managing street lighting while containing costs and maintaining safety. Street lighting can account for 40% of an authority’s energy consumption. So, faced with the need to reduce outgoings, some authorities are looking for smart ways of managing street lighting or even turning off swathes of street lights in the small hours. Back in 2008 the E-street Initiative report concluded that authorities
    Read More
  • Developing ‘next generation’ traffic control centre technology
    July 4, 2012
    The Rijkswaterstaat and Highways Agency have joined forces to investigate what the market can do to realise an idealistic vision for traffic control centre technology. Jon Masters reports One particular seminar session of the Intertraffic show in Amsterdam in March was notably over subscribed. So heavy was the press to attend that your author, making his way over late from another appointment, could not get in and found himself craning over other heads locked outside to overhear what was being said. The
    Read More

Highlighted Content