Rock Rail appoints new partner, James Le Couilliard, as it expands its operation into new markets  

Rock Rail is delighted to welcome new Partner, James Le Couilliard, to its development team. James will be focussing on rolling stock and rail infrastructure procurement projects in the UK and Australia. His appointment comes as Rock Rail is expanding its operations in both Europe and Australia, having successfully secured £3 billion of institutional funding for new rolling stock over the last four years.

James has over thirty years of commercial experience in major infrastructure transactions in both the public and private sector, predominantly in rail. He has worked in the UK and Australia and held numerous senior level commercial and industry advisory positions, working on some of the UK’s most transformative rail projects including IEP and HS2. Most recently in rail, he was Projects and Bidding Advisor for Hitachi Limited on existing rolling stock supply and maintenance contracts and ongoing bids. As well as his commercial experience, James brings with him an extensive knowledge and appreciation of public sector operations, having spent 7 years as Commercial Lead on the £5.7bn Intercity Express Programme for the Department for Transport.

Last month Rock Rail announced the launch of its Australian business, with senior infrastructure developer and financier, Jim Eldridge, at the helm. James will work closely with Jim, as Rock Rail seeks to introduce new sources of long-term, highly competitive institutional investment into the market, to meet the growing demand for new intercity transport infrastructure and high capacity commuter travel.

As well as supporting Rock Rail’s Australian business, James will focus on the UK market where Rock Rail has been at the forefront of delivering better value financing solutions for rolling stock. Here its state-of-the-art fleets are helping transform rail travel for passengers as well as delivering better value for the public sector and contributing to a greener, more sustainable railway. James will work on new and existing UK projects and on extending Rock’s financing approach to deliver similar benefits to other rail infrastructure sectors, including digital signalling, electrification and depots.

James joins the team during a spate of significant senior level hires, strengthening Rock Rail’s commercial, financial and asset management teams as it continues to pursue opportunities to extend the benefits of its innovative financing approach into new markets.

 Mark Swindell, CEO of Rock Rail, said: “I am delighted to welcome James to the team. His extensive experience and expertise across the private and public sector and major rail initiatives will be invaluable as we fine tune our approach to create tailored solutions to meet the needs of passengers and our rail, public sector and investment partners across different markets.”

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Driving Net Zero: How Rock Road 
Is Funding the UK’s Bus Transition

Accelerating the shift to clean, affordable, zero-emission transport

Year
2025
Category
Rock Road
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The Challenge

The UK bus network is at the heart of everyday travel – but over 30,000 diesel buses still need replacing to achieve a fully zero-emission fleet.

While around 5,000 battery-electric buses are already on the road, the high upfront cost of electric vehicles and depot electrification continues to slow the transition. Traditional funding routes — such as government grants or short-term bank finance – have helped start the journey but cannot support decarbonisation at the scale required.

A new, sustainable funding model was needed: one that could attract long-term capital, spread costs fairly, and give operators and authorities confidence in the future.

The Solution

In 2021, Rock launched Rock Road to deliver exactly that –  applying its proven infrastructure financing approach from the rail sector to the UK’s clean bus revolution.

Working with Aviva, the National Wealth Fund, and HSBC, Rock created a dedicated investment platform that channels infrastructure-style finance from pension funds and institutional investors directly into zero-emission bus projects.

This model provides:

Impact

The platform has already raised £100 million, with capacity to scale to £1 billion per year over the next decade – providing a consistent source of affordable capital for local authorities and operators.

Rock’s model ensures that the total cost of ownership (TCO) of electric buses can now be lower than diesel equivalents, thanks to both cheaper long-term finance and reduced operating costs.

In London, Rock has financed 120 zero-emission buses under 7-year leases aligned with Transport for London’s contract lengths. This structure gives operators flexibility and certainty:

The Future

Rock Road’s ambition is to support the rollout of zero-emission fleets across the UK – helping local authorities and operators meet climate goals without overextending public budgets.

By leveraging limited government funding to attract large-scale private capital – for example, £10 million of public investment unlocking over £250 million in total funding – Rock’s model accelerates decarbonisation while keeping costs low for the public sector.

Our ambition is to make electric buses the default choice - not because of subsidy, but because they are the best economic and environmental option.
Louis Swindell
Commercial Director, Rock Road