European Investment Bank backing for UK’s East Coast Main Line trains

Europe’s long-term lending institution, the European Investment Bank has, as part of a consortium of international banks, agreed to finance the deployment of 65 new Hitachi super express trains to be used on the East Coast Main Line between London and Scotland. This new fleet will replace the Intercity 125 and 225 trains currently in use on the line. The new East Coast Main Line trains will be financed under the Department for Transport’s Intercity Express Programme, which includes the financing, desig
April 17, 2014 Read time: 2 mins
Europe’s long-term lending institution, the 4270 European Investment Bank has, as part of a consortium of international banks, agreed to finance the deployment of 65 new 2213 Hitachi super express trains to be used on the East Coast Main Line between London and Scotland. This new fleet will replace the Intercity 125 and 225 trains currently in use on the line.
 
The new East Coast Main Line trains will be financed under the 1837 Department for Transport’s Intercity Express Programme, which includes the financing, design, manufacture and maintenance of trains over a 27.5 year operating period. The order for the East Coast Main Line is for 497 new train carriages and the total contract value is US$4.5 billion, which is the total value of lease payments train operators will make over the life of the contracts.
 
New trains on the line will include both bi-mode trains, electric trains that can also operate at line speed using diesel engines, and electric trains. The programme will also include the construction of a new maintenance deport in Doncaster.
 
The first new trains are expected to enter service in September 2018, with the remainder being delivered progressively until February, 2020. The trains will be manufactured in Britain by 7427 Hitachi Rail Europe at a new purpose-built factory in Newton Aycliffe, County Durham where 730 new jobs will be created.

The European Investment Bank is financing the new East Coast Main Line trains alongside Japan Bank for International Cooperation (JBIC), Bank of Tokyo 4962 Mitsubishi UFJ (BTMU), Development Bank of Japan (DBJ), HSBC, Lloyds, Mitsubishi Trust, Mizuho, Sumitomo Mitsui Banking Corporation (SMBC), Société Générale and Crédit Agricole.

Related Content

  • October 6, 2016
    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
    Read More
  • July 19, 2013
    Government green lights road and rail improvements
    UK Transport Secretary Patrick McLoughlin has confirmed a £1.2 billion order for more state of-the art trains to transform rail travel on one of Britain’s busiest intercity routes. The 270 carriages will be manufactured in Britain by Hitachi Rail Europe as part of the government’s overall £5.8 billion Intercity Express Programme (IEP). The trains will operate on the East Coast Main Line from 2019 and will deliver significant benefits to passengers, including boosting capacity by 18 per cent, improving trai
    Read More
  • December 16, 2013
    Crossrail project receives US$814 million EIB funding
    The European Investment Bank (EIB), Europe’s long-term lending institution, has provided further funds to support the latest step in Crossrail’s development with a loan of up to US$814 million to Transport for London (TfL). The facility will be used for financing a fleet of new high-capacity air-conditioned trains as well as a new maintenance depot. Finance contracts were signed in London this week by Steve Allen, TfL’s Managing Director Finance and Jonathan Taylor, European Investment Bank Vice President.
    Read More
  • June 22, 2016
    EBRD supports extension of Romanian motorway network and trans-European links
    The European Bank for Reconstruction and Development (EBRD) is supporting the construction of new sections of the D4 highway and the R7 expressway in the Slovak Republic with debt facilities of up to US$159 million (€150 million). The funds are part of a larger package totaling US$987 million (€875 million) provided to the concessionaire Zero Bypass under a public-private partnership (PPP) scheme. Other participants include the European Investment Bank (EIB), the Slovak Investment Holding, Instituto de
    Read More

Highlighted Content