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 The 378 new train carriages will be used by franchise operator Abellio and replace outdated existing electric and diesel trains currently used on the routes.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The 378 new train carriages will be used by franchise operator Abellio and replace outdated existing electric and diesel trains currently used on the routes.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

  • Vancouver's metro transport promotes alternatives to driving
    January 26, 2012
    David Crawford looks at Vancouver and the legacy of a Olympic transport success
    Read More
  • UK bus operator to deliver contactless bus travel by end of 2018
    October 25, 2016
    UK bus operator Stagecoach is to deliver contactless bus travel on all of its regional bus services across the UK by the end of 2018, allowing passengers to pay for travel with a contactless credit or debit card, as well as Apple Pay and Android Pay. It will be the first major deployment of contactless technology on Britain's buses outside London and will benefit customers from major urban areas to rural and island communities such as Norfolk in England, Orkney in Scotland and Brecon in Wales. Stageco
    Read More
  • Trains and no planes or automobiles
    August 3, 2021
    Moves are afoot in France and Germany for legislation to prioritise rail over air travel. Iomob’s Boyd Cohen suggests that Mobility as a Service can help to support this shift
    Read More
  • Using electricity to power road freight
    October 22, 2014
    Next year sees the start of the first real-life electrified road system for transporting freight. Worldwide freight transportation is predicted to double by 2050 but despite expansion of global rail infrastructure only one third of this additional freight transport can be handled by trains. This means that the largest proportion of freight transport will continue to be by road and as a result, experts expect global CO2 emissions from road freight traffic to more than double by 2050.
    Read More

Highlighted Content