Rock Rail delivers its second investment in European rolling stock and announces a new joint venture with Infracapital for Germany

  • Rock Rail

Rock Rail and Infracapital have established a platform for investment in rolling stock for Germany, which will finance a new electric fleet for the Leipzig Central German S-Bahn Network 2025+ (MDSB 2025+). MEAG is acting as sole arranger of the senior debt financing on behalf of various Munich Re group as well as other institutional lenders, reaffirming their commitment to the modernisation of sustainable public transport in Germany.

The fleet comprises 18 Siemens Mireo 4-car trains and will enter service in December 2026. The trains will initially be leased to DB Regio AG, who have won the concession to operate part of the MDSB 2025+ services.

The fleet will deliver a step-change in passenger experience and uplift to capacity, which will help support Germany’s growing demand for rail travel and transition away from other, less environmentally friendly modes of transport. The design has been specified to deliver all operational requirements of the network including features that support safe operation through the Leipzig Tunnel; optimised floor level to match different platform heights and operational performance for both S-Bahn services on the core section and regional on the outer sections.

The Siemens Mireo platform operates at up to 25% higher energy efficiency than trains with similar capacities and delivers climate-friendly mobility. The fleet will provide step-free access from a standard 550m platform and is designed with a gap bridging plate and sliding step to accommodate TSI PRM compliant access for all platform heights. The train exterior is marked for wheelchair users and bicycle spaces to facilitate passenger flow at busy stations.

The new EMUs will service the following lines:

  • S 4: Torgau – Eilenburg – Taucha – Leipzig Hbf. (lower level) – Oschatz – Riesa
  • S 6: Leipzig-Stötteritz – Leipzig Hbf. (lower level) – Leipzig-Messe – Naumburg
  • S 10: Schkeuditz – Leipzig Hbf. (upper level)

Maintenance of the fleet will be carried out by DB at DB Regio Werkstatt Halle(Saale) S-Bahn Mitteldeutscheland depot, north of Halle station.

Rock Rail and Infracapital will use its platform to help deliver private infrastructure capital to Germany’s rolling stock market and support the country’s transition to net zero.

Mark Swindell, Chief Executive Officer at Rock Rail, said: “Rock Rail has been working in Germany since 2018 and has strong relationships with all the German regional public authorities, operators and manufacturers. We are delighted to have worked on our second deal in Germany with Infracapital and MEAG to lease Siemens Mireo trains to DB Regio in the beautiful city of Leipzig. We will continue to work very hard with our operator partners to fund more fleets in Germany with Infracapital over the next few years”.

Priya Veerapen, Managing Director at Infracapital, said: “This partnership with Rock Rail will support Infracapital’s mission to invest in infrastructure assets which are key to Europe’s sustainable future. Germany’s liberalised rolling stock market sits at an exciting crossroad as the country seeks to double passenger rail numbers by 2030. We see a strong pipeline in the years ahead as government agendas in the UK and Europe are increasingly focused on delivering improved and cleaner public transport systems for a growing passenger base. We look forward to working with Rock Rail and other stakeholders to drive further growth in the years ahead”.

Benjamin Hemming, Head of Illiquid Assets Debt at MEAG, said: “We are very pleased to support Rock Rail and Infracapital by arranging the senior debt financing for the fleet of Siemens Mireo trains to be deployed on the MDSB2025+ network. This underpins our ambition to substantially contribute to the modernisation of sustainable public transport in Germany. The technically advanced features of the new fleet will allow state-of-the-art passenger experience, increased capacity and an improved environmental footprint“.

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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
Share

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:
  • Access to billions in long-term private capital for fleets and depot electrification.
  • Low-cost, sustainable finance tailored to public-sector needs.
  • Comprehensive risk transfer, including residual value and battery performance, supported by Rock’s in-house team of engineers and asset managers.

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:

  • Buses can be returned, renewed, or upgraded at the end of term.
  • Lease rates are predictable and capped.
  • Ownership and residual risks sit with Rock, not the operator.

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