New battery-electric regional train fleet for the Netz Nördliches Westfalen in Germany
MEAG - MEAG MUNICH ERGO Kapitalanlagegesellschaft mbH
Photo credit: MEAG
MEAG, acting on behalf of institutional investors, has successfully reached financial close for the long‑term financing of a new battery‑electric regional train fleet for the Netz Nördliches Westfalen in Germany.
The transaction supports the procurement of 61 battery‑electric multiple units (BEMU) of the Mireo Plus B platform manufactured by Siemens Mobility. The trains have been ordered by a single purpose company owned by John Laing and Rock Rail. MEAG, alongside a consortium of international institutional investors, arranged and provided the long-term senior debt for the project.
From December 2029, the trains are scheduled to be deployed on partially electrified and non‑electrified regional lines across Northern Westphalia, replacing diesel powered rolling stock and enabling locally emission‑free rail operations. The battery‑electric trains recharge via overhead lines where available and operate on battery power on non‑electrified sections, offering a flexible solution for regional rail transport. Thanks to the combination of regenerative braking and intelligent acceleration and braking management, the vehicles are ideally equipped for energy-efficient driving.
The project represents one of the largest battery‑electric train fleets in Germany and supports the decarbonization of rail transport in North Rhine‑Westphalia. The new fleet will deliver benefits in terms of CO₂ reduction in the domestic transport sector, noise emissions, passenger comfort, and accessibility while ensuring long‑term operational reliability for the public transport authority.
The financing was structured as long‑term, fixed‑rate infrastructure debt, tailored to the project’s asset life and lease profile. The successful financial close underlines MEAG’s strong expertise in rolling stock and financing of transport assets supporting sustainability objectives in the German regional passenger rail market.
Thomas Bayerl, Global Head of Illiquid Assets, MEAG: “Battery‑electric trains are a key technology for accelerating the decarbonization of regional rail networks, particularly on routes without continuous electrification. We are pleased to support Rock Rail and John Laing as well as their partners in delivering one of Germany’s largest BEMU fleets and to reach financial close on this important project.”
Işıl Tanrıverdi Versmissen, Head of Infrastructure Debt Transactions, MEAG: “This transaction demonstrates MEAG’s ability to structure robust, long‑term financing for complex rolling stock projects. We are committed to investments that combine the consideration of environmental aspects with stable, predictable cash flows for our investors. The transaction builds on MEAG’s long‑standing and trusted relationship with the project partners, reflecting a shared commitment to delivering reliable rail infrastructure with sustainability features.”* * * * *
MEAG is the asset manager of Munich Re. With entities in Europe, Asia and North America, it also offers its extensive know-how to institutional investors and private clients from outside the company group. MEAG currently manages assets to the value of around €368bn, €63bn of which for non-Group investors.
