Aberdeen Investments and Rock Rail have reached financial close on a landmark investment of over £1 billion supporting the delivery of Britain’s first major fleet of battery-electric bi-mode trains for TransPennine Express (TPE). The project will finance 29 new five-car Alstom Adessia Stream trains and associated charging infrastructure. The fleet is integral to unlocking the benefits of the Transpennine Route Upgrade programme and will provide faster, more reliable and lower-carbon rail services across key routes linking Liverpool, Leeds, Manchester, York, Hull, Scarborough and Saltburn. 

The Hub – Transport Advisory, together with DM Infrastructure Advisory, acted as commercial due diligence advisor on the transaction. Our work assessed the demand outlook for TransPennine Express services, the lease and manufacturer contract framework, and the fleet’s long-term re-leasing prospects. 

The transaction represents an important milestone in the evolution of the UK rail sector, demonstrating how private capital can support the deployment of innovative battery-electric technology at scale. By combining new rolling stock and charging infrastructure within a single lease, backed by a long-term maintenance agreement with Alstom, the project will help improve connectivity across Northern England while supporting the transition towards a lower-carbon railway. 

Pieter Meulendijk-de Mol, Director, commented: “We are proud to have partnered with Rock Rail and Aberdeen Investments on Britain’s first major fleet of battery-electric bi-mode trains, and we’re pleased our commercial due diligence helped give them the confidence to invest at scale.”