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 The 378 new train carriages will be used by franchise operator Abellio and replace outdated existing electric and diesel trains currently used on the routes.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The 378 new train carriages will be used by franchise operator Abellio and replace outdated existing electric and diesel trains currently used on the routes.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

Related Content

  • December 1, 2015
    VW scandal prompts emissions testing debate
    In the wake of the VW scandal John Kendall looks at emissions testing on both sides of the Atlantic. Since the VW emissions story broke in September, emissions testing has come under greater scrutiny, and none more so than in Europe, where critics have long been highlighting the weaknesses of the testing system. Ironically, changes to the emissions testing process were already under review but the story has pushed it up the agenda.
    Read More
  • November 13, 2014
    A future vision for transport in Wales
    A new report by the Chartered Institute of Logistics and Transport (CILT) Cymru Wales, Vision 2035: Cymru Wales, looks to the future and visualises how transport and logistics in Wales would develop, taking account of population changes, technological developments and social and political change. By 2035, Wales will be making decisions on all aspects of transport, including air passenger duty, rail franchising and road policy. There will also be greater government involvement in public transport operatio
    Read More
  • December 13, 2018
    Illinois EPA funds cleaner transport options in Chicago area
    The Illinois Environmental Protection Agency (EPA) has pledged approximately $19 million in its first round of funding to help transit agencies invest in cleaner modes of transport. This initial round has been distributed to local companies as part of the Driving a Cleaner Illinois Programme – an initiative which seeks to improve air quality in the state by removing old diesel engines from service. Funding is expected to provide clean air benefits for working families and children in ‘environmental jus
    Read More
  • September 11, 2015
    FTA calls for infrastructure investment in Chancellor’s Spending Review
    The Freight Transport Association (FTA) has told the Chancellor that investment in roads and rail infrastructure is key to the UK’s future growth in its submission ahead of his 2015 Spending Review. Chancellor George Osborne will publish his review on 25 November, setting out how the Government will invest in priority public services and deliver the US$31 billion further savings required to eliminate Britain’s deficit by 2019-20. FTA says the UK economy’s reliance on freight means investing in the s
    Read More

Highlighted Content