The DfT and a consortium led by Hitachi have confirmed the financial close for the new East Coast Main Line fleet.
The Intercity Express Programme includes trains, maintenance depots and track upgrades.
The consortium, Agility Trains East, is responsible for the financing, manufacturing, maintenance and daily provision of trains for the second phase of the project (East Coast Main Line). Hitachi Rail Europe will supply 65 trains as well as a major new maintenance facility at Doncaster. It will also maintain the fleet during the 27.5 year contract.
Agility Trains East CEO Martin Garrett said: “We have been delighted with the response of financial institutions to the financing of this important project. With this key milestone achieved we will now be able to deliver the step change in reliability, capacity and comfort that the IEP will bring to passengers on the East Coast Main Line. Hitachi Rail Europe has announced separately the construction of a new train factory in the UK and with this new contract now fully funded this will bring extensive opportunities for British companies in working with Hitachi to deliver the trains.”