Latest Rail News

02.04.19

Wales and Border rail franchise in £200m deal for new metro fleet

The Wales and Borders rail franchise has received £200m from the financial services giant Legal & General to provide new rolling stock on the south Wales Metro.

The funding will see a new Wales and Borders rail fleet replace the current “ageing” fleet and deliver increased capacity for services in and around Cardiff on the Core Valley Lines (CVL) metro route, which is mostly electrified.

The fleet will consist of 60 new trains with 36 light rail overhead electric and battery powered trains, and 24 tri-mode trains which are to be manufactured by Stadler and are due to enter operations in 2024.

The new metro fleet will replace the current diesel fleet, reducing emission on the CVL route, whilst the tri-mode trains will be able to operate from overhead electric lines and battery or diesel engines.

The £200m funding in long-term debt financing represents Legal & General’s fifth investment in the industry and “demonstrates a continued commitment to UK infrastructure.”

wales stadler

Tom Sumpster, head of infrastructure at LGIM Real Assets, commented: “We are pleased to be financing the purchase of new rolling stock for the Wales & Borders franchise, helping to provide cutting edge transport with lower carbon emissions in Wales and to be a part of growing transport links between England and Wales.”

Eleanor Bucks, managing director of Legal & General Retirement, added: “We are very pleased to have helped finance new rolling stock in Wales, as part of our continued investment in UK railway provision.

“This investment also complements our previous activity in the regeneration of key parts of Cardiff, including the area around the train station.

“We are committed to our investments in infrastructure in the UK, particularly where they play such an important part in people’s daily lives and can help bring people, businesses and communities together.”

The new Wales and Border rail franchise is being operated by KeolisAmey, which is also carrying electrification work on Core Valley Lines.

Comments

There are no comments. Why not be the first?

Add your comment

 

Rail industry Focus

View all News

Comment

The challenge of completing Crossrail

05/07/2019The challenge of completing Crossrail

With a new plan now in place to deliver Crossrail, Hedley Ayres, National Audit Office manager, major projects and programmes, takes a look at ho... more >
Preparing the industry to deliver trains for the future

04/07/2019Preparing the industry to deliver trains for the future

The move to decarbonise the rail network involves shifting to cleaner modes of traction by 2050. David Clarke, technical director at the Railway ... more >

'the sleepers' blog

Network Rail’s Anna-Jane Hunter on, NPR, TRU, HS2 and supply chain opportunities

12/08/2019Network Rail’s Anna-Jane Hunter on, NPR, TRU, HS2 and supply chain opportunities

Anna- Jane Hunter, is a ‘proud northerner’ and is passionate about continuing the investment and success story of rail across the North.  She plays a key role in working with government and northern leaders to enable the network... more >
read more blog posts from 'the sleeper' >

Interviews

Andrew Haines, CE of Network Rail, tells BBC News his organisation could issue future rail franchises

24/06/2019Andrew Haines, CE of Network Rail, tells BBC News his organisation could issue future rail franchises

Andrew Haines, the Chief Executive of Network Rail, has told the Today programme on Radio 4's BBC’s flagship news programme that he would not rule out his organisation issuing future r... more >
Malcolm Holmes, executive director of West Midlands Rail Executive, announced as TCR Midlands speaker in Birmingham

24/06/2019Malcolm Holmes, executive director of West Midlands Rail Executive, announced as TCR Midlands speaker in Birmingham

Ahead of his appearance, Malcolm Holmes spoke with Rail Technology Magazine about what key leaders in the industry were doing to improve rail in the Midlands. He said: “It’s very... more >