Rock Rail looks forward to welcoming new Partner, David Rose, to support its UK and European operations

  • Rock Rail

Rock Rail is delighted to be welcoming new Partner, David Rose, to the origination team.  David will be joining later this year and brings significant expertise in structured project finance transactions within the rail sector. He will be supporting Rock Rail on financing opportunities in the UK and continental Europe.

David has over 20 years’ experience of financial advice and lending, having supported infrastructure projects in the UK, Europe and North America. He has previously worked alongside Rock Rail since 2015, as financial advisor on its first five new rolling stock deals and was instrumental in the development of innovative financing methods for the UK rail market.

David comes to Rock Rail from Operis, where he led their award winning financial advisory team. Prior to this, David held positions at Royal Bank of Canada and Deloitte, having begun his career as a consultant at PwC.

He will work on new and existing projects in the UK, where Rock Rail’s 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. David will also help to extend Rock’s financing approach to deliver similar benefits to other rail infrastructure sectors, including digital signalling, electrification and depots.

Over the last 18 months Rock Rail has expanded its focus to bring its innovative rail infrastructure ownership and financing solutions to other European markets including Germany and France, where it is working on several upcoming rolling stock projects. David will also be supporting the business in this area, building on his previous experience advising on large-scale Public-Private Partnerships across a number of European markets.

As well as welcoming David as a partner, Rock has recently announced many other senior level appointments and the opening of its Berlin office later this year, reflecting its commitment to delivering better value rail financing solutions in both the UK and other markets.

Mark Swindell, CEO of Rock Rail, said:

“I am delighted that David will be joining us in September. Having been involved in all our previous new rolling stock deals, David already has a great understanding of Rock Rail and our institutional investor backed financing model. This, together with his extensive structured financing expertise and European experience, will be invaluable as we tailor our solutions for other rail infrastructure sectors and new 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
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