A deal has been struck to help finance the delivery of new trains to operate on lines serving Lichfield.
The rolling stock will be purchased by Corelink Rail Infrastructure Limited which will lease them to the operator of West Midlands Railway and London Northwestern Railway.
Pension Insurance Corporation has agreed to provide £102million of debt financing to support the scheme which will include two new electric trains built by Alstom and a diesel unit built by CAF.
The new rolling stock is being introduced as part of a plan to help relieve overcrowding on existing routes.
Giorgiana Wegener, asset manager director at Infracapital on behalf of Corelink, said:
“Corelink is pleased to have successfully completed the refinancing of its term loan facility.
“The support provided is essential to allow Corelink to continue the delivery of rolling stock for use on the West Midlands network which ultimately translates in an improved travel experience to passengers.”
Georgiana Wegener
The new fleet will also see reductions in noise and exhaust pollution.
Florence Carasse, head of infrastructure debt at Pension Insurance Corporation, said:
“We’re delighted to be able to make a commitment to support the modernisation of the UK’s essential transport infrastructure.
“The new fleets will also significantly provide additional passenger capacity essential for the development of the economy in the West Midlands.”
Florence Carasse
