Clifford Chance has advised longstanding client the European Investment Bank on the £2.5 billion financing of phase one of the Intercity Express Programme. This will entail the procurement of rail carriages for 57 trains from Hitachi Rail Europe Limited for operation on the UK's Great Western Main Line.
The deal is a milestone in the development of the UK rail sector, and marks the first co-funding between the EIB and the Japanese development institution Japan Bank for International Co-operation in the UK PFI industry. Phase two of the programme is expected to be financed in 2013 and will fund the procurement of equipment for operation on the East Coast Main Line .
Clifford Chance has advised on several key deals in the rail industry and is currently acting as counsel to senior funders on the Thameslink rolling stock project, a second major procurement of rail equipment from Siemens for operation on the London Thameslink network.
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