John Laing has reached financial close on a major rolling stock investment in Germany, alongside Rock Rail, marking a significant milestone in the delivery of sustainable regional rail infrastructure. The project will finance and lease a fleet of 61 Siemens Mireo battery-electric multiple unit (BEMU) trains for the Netz nördliches Westfalen (NnW) network, procured by Zweckverband Nahverkehr Westfalen-Lippe (NWL). Structured as a long-term, availability-based public-private partnership, the investment will deliver new rolling stock under a 30-year “wet lease”, with Siemens responsible for manufacturing and maintenance, and first services expected to enter operation from late 2029.
The Hub – Transport Advisory acted as commercial advisor to the equity and debt funders, undertaking detailed commercial due diligence to support the investment case. Our work focused on assessing the structure of the concession, including the availability-based payment mechanism and risk allocation across the supply chain, as well as evaluating the long-term market context for regional rail in Germany. This included analysing demand drivers, competitive dynamics and policy priorities in a liberalised market that remains operationally concentrated, alongside reviewing contractual arrangements with Siemens for delivery and maintenance and the implications for asset performance and revenue stability.
The transaction supports the transition from diesel to battery-electric traction on non-electrified routes, aligned with Germany’s broader strategy to decarbonise its rail network and shift travel towards more sustainable modes. By enabling the deployment of modern, zero-emission rolling stock within a robust PPP framework, the project demonstrates the role of long-term private capital and specialist commercial expertise in delivering essential, climate-aligned transport infrastructure at scale.
Ben Wilson, senior strategic advisor at The Hub, says: “We are really proud to have provided commercial advice and support to Rock, Laing and all the funders in reaching close on what is an innovative transaction which will deliver long term sustainable benefits to North Rhine Westphalia”.
