Rock Rail was awarded the financing deal for provision of new rolling stock by Abellio UK for use on the East Midlands Railway franchise. Rock Rail led the £400 million transaction with partner Japan Infrastructure Initiative (JII), reaching financial close in August 2019, within 22 days of being selected as preferred funder.
The state-of-the-art bi-mode intercity fleet is being manufactured by Hitachi. It will be greener and quieter than the diesel trains it replaces which are some of the oldest diesel vehicles still in use in the UK. The 33 five-carriage units will begin operation in 2022.
As with Rock Rail’s 3 previous new rolling stock deals debt has been provided by UK and international institutional investors.
Based on bullet train technology, the new intercity trains will offer significant passenger, operational and environmental benefits:
More environmentally friendly and quieter than the diesel trains they replace
Modern comfortable interiors and increased seating capacity
We have found Rock Rail to be extremely professional and flexible, creating well developed strategies and structuring projects to create winning financing solutions.
Hiroaki Odajima Managing Executive Officer Japan Infrastructure Initiative
Rock Rail brought an innovative and agile approach to the contracting and procurement of new rolling stock for Abellio East Midlands. This helped to deliver a unique and successful outcome for all parties involved.
Nick Hughes Sales & Commercial Director Hitachi Rail
The financing transaction for East Midlands Railway required a collaborative approach, given tight timescales. With Rock Rail, commercial issues were dealt with quickly, fairly and in the spirit of working together, getting the best deal for all parties.
Robert Stansfeld Corporate Finance Director Abellio Group
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