27.06.2013 – 16:57
Speed-up of services in the Thames region
1,140 new Siemens carriages for London
Thameslink project receives EUR 150 million in financing from KfW IPEX-Bank
Frankfurt am Main (ots)
KfW IPEX-Bank is providing a loan of around EUR 150 million for the Thameslink Rolling Stock Project (TRSP). The funds will be used to purchase a new train fleet of 1,140 carriages from train manufacturer Siemens in a contract worth circa GBP1.6 billion. The newly signed agreement comprises the design, manufacture, commissioning and maintenance of the trains.
The funds are being provided by a group of 19 international banks together with the European Investment Bank (EIB). As modelling bank KfW IPEX-Bank is acting as one of four structuring banks within this consortium and as such has played a key role in the outcome of negotiations.
On the occasion of the signing ceremony Christian K. Murach, member of the Management Board of KfW IPEX-Bank, emphasised that "The project is of vital interest for commuter traffic in London. It will help shift personal motorised transport to rail, thus reducing harmful emissions. By helping to finance this deal KfW IPEX-Bank, whose core business activities include both infrastructure development and the financing of environmental and climate protection projects, has made a significant contribution to both objectives. In addition we are financing exports of one of our main core clients from Germany."
TRSP is part of the important GBP6 billion Thameslink Programme. Its aim is to run longer trains with frequencies of 24 trains per hour in each direction from the existing East Coast Main Line through central London via St Pancras to Blackfriars by 2018.
With this finance deal KfW IPEX-Bank is strengthening its position in the strategically important British market as one of the leading financiers of transport and infrastructure projects.
About KfW IPEX-Bank
Within the KfW Group, KfW IPEX-Bank GmbH is in charge of international project and export finance. It is responsible for providing financing to support the German and European economy, a task derived from the legal mandate assigned to the KfW Group. Its prime focus is on medium- and long-term lending to boost the export economy, develop economic and social infrastructure and support environmental and climate protection projects. KfW IPEX-Bank GmbH operates as a legally independent group subsidiary and plays a major role in fulfilling the promotional mission of the KfW Group. It has around 590 employees and is represented in the key economic and financial centres around the globe.
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