Funding is provided for up to 30 locomotives.
PROJECT and KfW export finance provider IPEX-Bank have announced the finalization of a financing package for up to 30 Siemens Vectron dual-mode locomotives to be purchased by Rive Private Investment and managed by the leasing company of Northrail rolling stock.
KfW announces that it will provide up to EUR 92.5 million jointly with Siemens Financial Services through Siemens Bank.
The overall project manager and initiator of the locomotive purchase transaction is Paribus Rail Investment Management from Hamburg.
The first 10 locomotives financed under the framework purchase agreement are already in service or being delivered. As the market response to these locomotives remains “very positive”, according to KfW, eight more locomotives have now been ordered from Siemens for delivery from 2023.
Disbursement requests to secure new deliveries in 2024 are already being organised, KfW says.
“We are delighted to be able to support our long-standing client Rive Private Investment in this transaction”, says Mr. Andreas Ufer, Member of the Board of KfW IPEX-Bank. “At the same time, these state-of-the-art locomotives are making a positive contribution to the transition of rail traffic in Germany.”
Dual-mode locomotives can switch to diesel power when operating on non-electrified sections of the layout. KfW claims deployment results in significant CO reduction2 emissions by avoiding the use of diesel for the entire journey.
Northrail currently operates 330 locomotives, coaches and wagons for passenger and freight operators, ranging from shunting locomotives to battery-powered trains for regional passenger services. It also manages the maintenance of its customers’ rolling stock.
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