TransPennine Express (TPE)

Transforming rail travel across the North of England

£ 0 B+

Investment Value

Backed by a combination of long-term pension capital and medium-term bank debt, this landmark transaction marks the first greenfield project to be financed by Rock Rail and Aberdeen Investments through the Next Generation Rail Fund

0 new vehicles

29 five-car BEMUs plus associated charging equipment – the first long distance battery-electric fleet in the UK.

 

The fleet will be manufactured in Derby by Alstom using their Adessia Stream Platform.

Transpennine Route Upgrade

This fleet is being built as part of the Transpennine Route Upgrade (TRU), a major, multi-billion-pound programme of railway improvements which will bring better journeys to customers travelling across the Pennines between Manchester, Huddersfield, Leeds and York

Year agreed: 2026

Rolling delivery of the fleet into passenger service will begin in 2031

Railway Line

Connecting the North

Powering a new era of cleaner, faster travel across the North, connecting its major cities, communities and coastal destinations.

Press Release
Benefit

Benefits that move the North forward

From enhanced passenger comfort and greater accessibility to cleaner battery-electric technology and stronger connections across the North, the TransPennine Express fleet will deliver long-term value for passengers, communities and the environment.

Enhanced accessibility

Level boarding will be provided at every door, alongside three dedicated wheelchair spaces, two accessible toilets and family-friendly areas with buggy storage.

Improved passenger experience

Each train will offer approximately 300 seats, quieter interiors, Wi-Fi, air conditioning, power and USB-C charging, enhanced luggage provision, dedicated cycle storage and real-time passenger information.

Cleaner journeys

Battery technology will provide emission-free operation on non-electrified sections of the network, helping reduce reliance on diesel as the Transpennine Route Upgrade’s electrification is delivered in stages.

Supporting British jobs

The fleet will support more than 350 highly skilled jobs in Derby and over 5,500 roles across Alstom’s UK supply chain. At least £360 million is expected to be spent with British suppliers.

FAQ

Frequently asked questions

Clear answers to common questions about our zero-emission bus finance model.

What is the TransPennine Express project?

The project will deliver 29 new five-car battery-electric trains and associated charging infrastructure for TransPennine Express. The fleet forms part of the wider Transpennine Route Upgrade and will help transform journeys across the North of England.

The fleet will connect major destinations including Liverpool, Manchester, Manchester Airport, Leeds, York, Hull, Scarborough and Saltburn.

The trains will use overhead electric power on electrified routes and battery power across sections without overhead wires. This will enable emission-free operation on non-electrified sections and reduce reliance on diesel.

Passengers will benefit from faster and quieter trains, approximately 300 seats per unit, improved luggage space, Wi-Fi, air conditioning, charging points, real-time information and dedicated cycle storage.

The trains will provide level boarding at every door, a flat floor throughout the passenger areas, three wheelchair spaces, two accessible toilets and designated family and buggy areas.

The trains are expected to enter passenger service in the early 2030s, aligned with the delivery of the wider Transpennine Route Upgrade.

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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
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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