Nahverkehr Westfalen-Lippe (NWL)

Reliable journeys at the heart of Hesse

Rock Rail Germany's seventh project

Rock Rail, alongside its investment partners, reached financial close on the procurement of a new battery-electric train fleet for Nahverkehr Westfalen-Lippe (NWL). The project will support the decarbonisation of regional rail services across North Rhine-Westphalia.

0 Vehicles

61 two-car Siemens Mireo Plus B battery-electric trains

Environment

Replacing diesel train with battery-electric multiple units, reducing carbon emissions, air pollution and noise across the network

Service Entry

December 2029
Main-Weser Train Route
Railway line

Rock Rail's Role

Rock Rail structured, financed and will manage the long-term leasing solution for the fleet, working alongside investment partners and Siemens Mobility to deliver a sustainable, privately financed rolling stock solution for Germany’s regional railway network.
Key Facts

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Client

Nahverkehr Westfalen-Lippe (NWL)

Country

Germany

Fleet

61 Siemens Mireo Plus B battery-electric trains

Manufacturer

Siemens Mobility

Lease term

30 years

Financial Close

April 2026

Passenger service

From December 2029

Technology

Battery-electric multiple units (BEMUs)

FAQ

Frequently asked questions

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The Main-Weser project is Rock Rail Germany’s first investment in the country, financing a brand-new fleet of Coradia Max double-deck trains for DB Regio. The trains will operate on the Main-Weser network, improving regional mobility and sustainability.

A total of 17 trains are included: 13 four-car units and 4 five-car units. The fleet combines single-deck and double-deck cars to maximise capacity and comfort.

The Main-Weser trains are designed to:

  • Increase seating capacity by 15%

  • Provide spacious interiors with WiFi and modern passenger information systems

  • Include dedicated bicycle spaces and improved boarding for accessibility

  • Offer energy-efficient performance, including enhanced acceleration and braking

Rock Rail partnered with institutional investor Aberdeen for equity and MEAG as senior debt arranger, alongside DB Regio and RMV. Together, they deliver a sustainable, long-term solution for regional rail investment.

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Nahverkehr Westfalen-Lippe (NWL)

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