KfW IPEX-Bank finances 38 Diesel Multiple Units for the Upper Franconian railway network
Frankfurt am Main (ots) - KfW IPEX-Bank GmbH is financing the procurement of 38 Diesel Multiple Units for the Upper Franconian diesel network with up to EUR 45 million. The financing arrangement structured by KfW IPEX-Bank will also be supplemented with a further EUR 33 million, provided in equal shares by Norddeutsche Landesbank - Girozentrale (Nord/LB) and LfA Förderbank Bayern. Hannover Mobilien Leasing GmbH will act as the leasing company. Part of the financing will be refinanced through the KfW "Municipal Investment" programme. The relevant agreements were signed in Hamburg today.
The borrower is Benex GmbH, in which Hamburger Hochbahn AG has bundled its Germany-wide rail transport operations outside of Hamburg. KfW IPEX-Bank already maintains longstanding business relations with both Hochbahn and Benex.
The "Regio Shuttle RS1" type diesel railcars will be manufactured in Berlin by the German subsidiary of the Swiss manufacturer Stadler Rail AG, a company steeped in tradition. These are standard vehicles that are frequently found on the market.
A volume of traffic of around 4.5 million train kilometres and around 4 million passengers a year make the Upper Franconian diesel network one of the largest rail networks in Germany. It links the towns of Bayreuth, Weiden, Kulmbach, Hof and Bamberg, among others.
In October 2008 Benex was awarded the contract to operate the twelve routes of this Upper Franconian diesel network for a term of 12.5 years, starting in June 2011. Taking over the operation of this network will enable Benex to further develop its position in Bavaria. Together with the Regensburg network including the Danube Valley Railway, which will be commissioned in December 2010, considerable synergy effects are to be anticipated.
About KfW IPEX-Bank GmbH
Within KfW Bankengruppe KfW IPEX-Bank GmbH provides project and corporate financing as well as trade and export financing domestically and abroad. Worldwide it conducts all market activities of KfW Bankengruppe that are carried out on commercial terms. KfW IPEX-Bank GmbH has been operating as a legally independent subsidiary since 1 January 2008 and contributes significantly to the promotional mission of KfW Bankengruppe. It has approx. 490 employees (as of October 2009) and is represented in the key economic and financial centres throughout the globe.
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