Nordic Re-Finance, a company specializing in freight locomotive leasing, has reached an agreement with DB Cargo Scandinavia to acquire 15 Alstom TRAXX AC2 locomotives in a transaction that also includes a partial sale-and-leaseback arrangement.
The locomotives will be used in freight rail transport operations in Sweden, Denmark, and Germany, marking an important step in expanding Nordic Re-Finance’s business in the German market and strengthening its fleet of electric rolling stock.
Expansion into key European markets
The agreement with DB Cargo Scandinavia represents a strategic milestone for Nordic Re-Finance, which is thus strengthening its position in the European locomotive leasing market and establishing a new relationship with one of Europe’s largest freight rail operators.
“We are delighted to embark on this strategic partnership as we expand our operations in Germany. These mid-life electric locomotives align perfectly with our strategy of providing high-quality leasing solutions to European rail freight customers,” said Thorsten Priebe, CEO of Nordic Re-Finance.
Refinancing to support fleet and electrification
The acquisition of the TRAXX locomotives is supported by the completion, in December 2025, of a refinancing of the entire capital structure of the company. Nordic Re-Finance has secured a multi-currency financing package worth EUR 250 million, fully underwritten by Natixis CIB.
The financing includes a green loan, intended to accelerate the electrification of the fleet and support expansion into new European markets, in line with the company’s development strategy and the plans of its majority shareholder, Infranity, which completed the acquisition of Nordic Re-Finance in March 2025.
“The completion of this refinancing gives us the flexibility we need to expand and modernize our fleet and accelerate the transition to electric traction,” said Magnus Granlund, the company’s CFO.
Fleet of approximately 200 locomotives
Founded in 2006, Nordic Re-Finance owns a fleet of approximately 200 locomotives and has a strong presence in the Nordic countries, as well as in Switzerland, Poland, and Hungary.
With the acquisition of TRAXX locomotives and expansion into Germany, the company is strengthening its role as a European provider of leasing solutions for rail freight transport, with a focus on electric traction and reducing emissions.
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