DIF, CIMIC Group and CAF consortium reaches financial close on Regional Rail PPPdoor Thijs Verburg op 15 feb 2019, 10:47
Sydney, 15 February 2019 – DIF is pleased to announce that the Momentum Trains consortium, comprising DIF Infrastructure V, CIMIC Group companies Pacific Partnerships, UGL and CPB Contractors, and Construcciones y Auxiliar de Ferrocarriles (CAF), has reached financial close on the Regional Rail design, build, finance and maintain project in New South Wales (NSW), Australia.
The availability based contract with Transport for NSW includes delivery of a new regional rail fleet, along with a purpose built maintenance facility in Dubbo, New South Wales. The fleet will enter service progressively from 2023 and will deliver a new standard in reliability, safety and comfort for regional and interstate travellers.
Rolling stock manufacturer CAF, will be responsible for building 117 new rail cars which are based on its successful Civity platform. CAF, together with CPB Contractors, will develop the maintenance facility and UGL will be responsible for maintaining the fleet and maintenance facility for the initial 15-year concession.
Wim Blaasse, Managing Partner of DIF, says: “DIF is excited to invest in this significant rolling stock project which will deliver a high quality rail experience for interstate and regional travellers and commuters. This project is the result of our strong relationship with CIMIC Group and CAF.”
Marko Kremer, Partner and DIF’s Head of Australasia, adds: “DIF is delighted to be working in partnership with Transport for NSW on this major rolling stock project and contributing to the economic development of regional NSW. This new rolling stock fleet will deliver improved comfort and reliability, and make long distance travel on the east coast of Australia safer, faster and more convenient.”
The Momentum Trains consortium was advised by MUFG (financial) and Herbert Smith Freehills (legal).
DIF is an independent infrastructure fund manager, with €5.6 billion of assets under management across seven closed-end infrastructure funds and several co-investment vehicles. DIF invests in greenfield and brownfield infrastructure assets located primarily in Europe, North America and Australasia through two complementary strategies:
- DIF Infrastructure V targets equity investments in public-private partnerships (PPP/PFI/P3), concessions, regulated assets and renewable energy projects with long-term contracted or regulated income streams that generate stable and predictable cash flows.
- DIF Core Infrastructure Fund I targets equity investments in small to mid-sized infrastructure assets in the energy, transportation and telecom sectors with mid-term contracted income streams that generate stable and predictable cash flows.
DIF has a team of over 115 professionals, based in eight offices located in Schiphol (the Netherlands), Frankfurt, London, Luxembourg, Madrid, Paris, Sydney and Toronto. Please visit www.dif.eu for further information.
Allard Ruijs, Partner