Rock Rail reaches financial close on battery-electric rolling stock project in Germany

FOR IMMEDIATE RELEASE

23 April 2026

Rock Rail reaches financial close on battery-electric rolling stock project in Germany

Rock Rail has reached financial close on the North Westphalia Network (NnW) project in Germany, securing long-term financing for a fleet of 61 new battery-electric multiple unit (BEMU) trains for regional passenger services in North Rhine-Westphalia.

Rock Rail is investing alongside John Laing, with the fleet to be manufactured by Siemens Mobility and delivered under a long-term availability-based structure over a 30-year lease period, following a four-year delivery programme.

The project was procured by Zweckverband Nahverkehr Westfalen-Lippe (NWL), the public transport authority for the region. A separate process to appoint the train operator is underway, with award expected later in 2026.

Once in service, the battery-electric fleet will replace existing diesel rolling stock, supporting quieter, cleaner and more efficient regional mobility while contributing to Germany’s rail decarbonisation ambitions.

The transaction represents a further milestone in Rock Rail’s continued expansion in Germany and reinforces its position as a specialist partner for public authorities seeking long-term private investment solutions for modern rail infrastructure.

Mike Kean, Chief Operating Officer, said:

“Reaching financial close on NWL marks another important milestone for Rock Rail and reflects the continued momentum of our business in Germany. The project demonstrates how innovative financing structures, specialist rolling stock expertise and long-term private capital can help deliver cleaner, more efficient transport solutions. We are proud to be working with John Laing, Siemens Mobility and NWL to bring this important fleet into service for passengers across the region.”

Andrew Truscott, Chief Executive Office of John Laing, said:

“We are delighted with this important new rail investment in Germany that reflects both our specialist greenfield investment capabilities and our long-term commitment to sustainable transport infrastructure. It also marks our return to Germany, working with excellent delivery partners – Rock Rail and Siemens – to enable the transition to cleaner public transport with a clear decarbonisation benefit.”

The NWL project adds to Rock Rail’s growing German portfolio, which includes investments in regional rail fleets across multiple federal states, supporting the transition to cleaner and more reliable passenger transport.

 

About Rock

Rock is a specialist investment and asset management company focused on transforming critical infrastructure sectors with sustainable, high‑impact solutions. As the parent company of Rock Rail and Rock Road, Rock is dedicated to supporting the decarbonisation and modernisation of infrastructure across the UK and Europe. Through strategic partnerships with public authorities, manufacturers, operators and investors, Rock drives long‑term value by developing, owning and managing innovative rail and road assets that enhance connectivity, reliability and environmental performance. With significant capital deployed in next‑generation rolling stock and sustainable bus infrastructure solutions, Rock’s mission is to deliver infrastructure that works better for people, communities and the planet.

 

About John Laing

John Laing is a leading international investor and active manager of core infrastructure assets. We invest across the spectrum of development, in construction, and already operational assets, and across a range of sectors, including transportation, energy and utilities, telecommunications and social infrastructure.

John Laing has successfully delivered more than 150 infrastructure assets across the UK & Europe, North America, Australia, New Zealand, and Colombia.

 

For more information, visit: https://rock-group.co.uk/

 

ENDS

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Marketing Executive
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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