Project Information
Project name: INTERCITY EXPRESS PROGRAMME (IEP) PFI
Project description:

The project to deliver a new fleet of trains, alongside maintenance depots and route upgrades. The initiative will replace the existing fleet of High Speed Trains with 533 hybrid trains. They will be capable of connecting with overhead electricity cables where the lines have been electrified, as well as running on diesel. The fleet will start to be introduced on the national network from 2014.

New depots will be built in Swansea, Bristol, west London and Doncaster to service the new trains. Phase 1 is the Great Western Main Line and the Phase 2 is the East Coast Main Line.

Related headlines:
25/07/2012 - Financial close for Intercity Express PPP
01/03/2011 - Hammond approves Intercity Express PFI

Type: PPP
Sector: Rail
Region: UK - England
Current status: Project Signed - 25/07/2012
Contract Terms
Duration: 27.5 years
Capital value: £4500.00m
Public Sector Procuror Details
Authority/Commssioning body: The Department of Transport
Public sector contact: Department for Transport
Email: iep@dft.gsi.gov.uk; dftpressoffice@dft.gsi.gov.uk
Website: www.dft.gov.uk
Public sector advisors: PwC - Financial Advisors
Freshfields Bruckhaus Deringer - Legal Advisors
Mott MacDonald - Technical Advisors
Private Sector Details
Consortium name: Agility Trains consortium
Private sector shareholders: Hitachi - Shareholders (70% stake)
John Laing - Shareholders (30% stake)
MetLife - Shareholders
Private sector advisors: DLA Piper - Legal Advisors
Halcrow Group - Technical Advisors
Private sector debt-providers: Japanese Bank of International Co-operation (JBIC) - Debt Providers
European Investment Bank - Debt Providers
Bank of Tokyo Mitsubishi UFJ - Debt Providers
Mizuho Bank - Debt Providers
Lloyds Banking Group - Debt Providers
HSBC - Debt Providers
Sumitomo Mitsui Banking Corporation - Debt Providers
Mitsubishi UFJ Financial Group - Debt Providers
Nippon Export and Investment Insurance (NEXI) - Debt Providers
Development Bank of Japan (DBJ) - Debt Providers
Sumitomo Mitsui Trust - Debt Providers

This page was last updated on:
25 April 2013.

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