Mersey Gateway project successfully reaches financial close

  • Rock Infra

Rock Infrastructure is pleased to have helped Halton Borough Council reach financial close today with the Merseylink consortium on the Mersey Gateway PPP project. Rock has worked with Halton Borough Council as its development partner for the project. Mark Swindell has been the project’s Commercial Director and Matthew Allen has led the commercial team.

Rock’s main roles on this project included:

  • Devising an innovative procurement strategy that has resulted in the best value for money design, build, finance and operate contract for the new crossing and also delivered for Halton Borough Council a separate partnering agreement with an experienced toll operator who will manage all of the risks associated with collecting toll revenues in an open road (no barrier) toll system and develop and implement a strategy to optimise revenues from tolls on behalf of the council;
  • Negotiating funding terms with the Department for Transport and seeking clearance through HM Treasury’s Treasury Approval Point process;
  • Playing a leading role in discussions with central government regarding the use by the project of the IUK Guarantees Scheme and facilitating the introduction of this scheme into the procurement. The project is the first use of this scheme on a PPP infrastructure project;
  • Creating a long-term governance structure for the Mersey Gateway Crossings Board, the arm’s length subsidiary of Halton Borough Council that will manage the project on the council’s behalf;
  • Acting as principal in all commercial, legal and financial negotiations with bidders during the project’s competitive dialogue phase and with the Merseylink consortium following its appointment as the project’s preferred bidder; and
  • Managing the project’s financial, legal, tolling and insurance advisors

Rock founding partner Mark Swindell, said:

“We have been proud to have the opportunity to provide the commercial directorate to Halton Borough Council on this procurement from the planning stage through to financial close. Rock has been delighted to ensure that the project has been delivered to a tight competitive dialogue timetable, with plaudits from all bidders as to the efficiency of the process and deliverability of the project. We are also delighted that the project’s procurement strategy has resulted in savings against the affordability limits of £250 million. Deliverability was also improved by the use of the IUK Guarantees Scheme, the first application of this scheme on a PPP project.

This project will deliver an iconic piece of economic infrastructure that will help regenerate Halton and the wider Merseyside region. It has been achieved because of brave political leadership from the Halton Borough Council members and the local MP; the passion and strong management of the CEO of the council, David Parr; the practical experience, intelligence and drive of the project director Steve Nicholson; and the support of DfT, HM Treasury and Halton Borough Council’s advisors. We are pleased to have been part of the leadership team that has made this complex and ground-breaking piece of infrastructure happen.”

Steve Nicholson, Interim Chief Executive of the Mersey Gateway Crossings Board and the Project Director leading up to financial close, said:

“From the outset Halton recognised we needed the best people to establish this innovative partnership contract. The Rock direction on commercial issues has made a major contribution to such a successful result.”

David Parr, CEO of Halton Borough Council, commented:

“The delivery of Mersey Gateway has been a fantastic team effort. Rock have played an important part in bringing the project to Financial Close, bringing their personal expertise and skills to the project and helping to achieve
the delivery of this iconic project.”

For further information please contact Mark Swindell or Matthew Allen, Rock Infrastructure partners

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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