John Laing enters rolling stock market in Germany
John Laing Group (“John Laing”), a leading international investor and active manager of infrastructure projects announces financial close on a greenfield rolling stock investment in Germany, through an 89% equity stake alongside Rock Rail. The project will finance and own a fleet of 61 new Siemens Mireo battery-electric multiple unit (BEMU) trains for use in regional rail passenger transport for the Northern Westphalia network (NnW).
The PPP investment is structured such that the rolling stock fleet are provided to a private operator designated by the contracting authority via a long-term availability-based “wet lease” over 30 years, following a four-year delivery period. The procuring authority is Zweckverband Nahverkehr Westfalen-Lippe (NWL), the public transport authority for the region.
The first trains are expected to enter service in late 2029. NWL is running a parallel process to appoint the operator, with award expected in 2026.
The battery-electric fleet will replace existing diesel trains, support cleaner and quieter regional mobility and contributing to decarbonisation objectives for public transport in Germany.
John Laing is a leading investor in critical infrastructure across Europe, playing a key role in helping governments develop climate-resilient infrastructure aligned with 1.5°C pathways. The investment underlines John Laing’s focus on essential infrastructure and long-term partnerships to help achieve net zero for 70% of its assets under management (AUM) by 2030.
Andrew Trsucott, Chief Executive Officer of John Laing, said "We are delighted with this important new rail investment in Germany that reflects both our specialist greenfield investment capabilities and long-term commitment to sustainable transport infrastructure. It also marks our return to Germany, working with excellent delivery partners - Rock Rail and Siemens - to enable the transition to cleaner public transport."
Mike Kean, Chief Operating Officer of Rock Rail, said: "Reaching financial close on NWL is an important milestone for Rock Rail and a further step in our continued growth in Germany. The project demonstrates how specialist rolling stock expertise and long-term private capital can help deliver modern, lower-emission transport solutions that create lasting value for passengers and the public sector. We are pleased to be working with John Laing, Siemens Mobility and NWL on this significant investment."
This investment adds to John Laing’s growing greenfield portfolio of rolling stock PPPs, including:
- New Generation Rollingstock (NGR), Australia
- Sydney Light Rail (SLR), Australia
- Denver Eagle P3, US
- InterCity Express Programme, UK (divested; initial investor and partner in the rollingstock programme)
John Laing was advised by Stifel (financial), K&L Gates, Eversheds, Norton Rose Fulbright (legal), CMS (lenders legal), PWC (tax & accounting), Operis (model build audit), The Hub (commercial), Railistics (technical), Willis (insurance).
