Passengers get taster of the new Rock Rail trains set to transform Great Northern suburban service

  • Rock Rail

The train is one of 25 six-carriage Class 717 trains built by Siemens that will replace mainland Britain’s oldest electric trains, the 40-year-old Class 313s, with a phased introduction due to run from late autumn this year to spring next year.

The Desiro City 717s owned and financed by Rock Rail Moorgate, (a joint venture between Rock Rail and Aberdeen Standard Investments), represent the first fleet of trains to be introduced into the UK using a new model for financing rolling stock. For the first time financing has been provided through direct long-term investment from pension and insurance companies, delivering benefits not only for the rail passenger, but also for pensioners and the wider economy.

As well as air conditioning, Wi-Fi and power points, the new trains will provide a 27% increase in capacity to address the near-doubling of passenger numbers on Great Northern in 14 years.

The new fleet will operate between Moorgate and Hertfordshire, to and from Stevenage, Hertford North and Welwyn Garden City.

First passenger on board, Samantha Radford of Gordon Hill, said: “This is better for commuting, it’s so spacious. I will probably favour this with its air conditioning and better layout over the Underground; I think the air conditioning is a huge comfort issue, especially for anyone with small children or a health condition – it is going to make a massive difference. I also like the Wi-Fi and the fact you can charge your phone.”

Mark Swindell, Chief Executive Officer of Rock Rail, said: “This first journey of the Class 717 train with passengers represents an exciting milestone in the successful delivery of the first of the fleets owned by Rock Rail and equity partner Aberdeen Standard Investments.

“We are proud to be part of a collaboration with Govia Thameslink Railway and Siemens and with our investor partners to drive better value for the UK tax payer and government and to deliver step changes in improved capability, services and travelling experiences for passengers on the Great Northern services between Moorgate and Hertfordshire.”

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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