Renfe secures financing for ordered rolling stock

Cercanías high-capacity trainsRenfe and Instituto de Crédito Oficial (ICO), a state-owned entity attached to the Ministry of Economic Affairs and Digital Transformation signed a EUR 350 million financing agreement for the acquisition of Cercanías high-capacity trains. For this operation, ICO has obtained funds from the European Investment Bank for the same amount.

In 2021, Renfe signed two contracts for 211 trains and by exercising an option, the operator ordered 69 additional units for Cercanías network bringing the overall investment to EUR 3.1 billion for the purchase of 280 trains. After the operation signed with the ICO, the rest of the financing of the rolling stock is expected to be carried out partially through Renfe’s own funds and, if necessary, eventually, through other lines of credit.

Alstom and Stadler won the two contracts totalling EUR 2.44 billion. Alstom will supply 152 100 metre-long trains under a EUR 1.44 billion contract which also includes the delivery of spare parts, maintenance services and equipment for 15 years. In addition, in December, Renfe ordered from Alstom 49 additional Coradia Stream trains at a total value of EUR 370 million. under these two train contracts worth EUR 1.8 billion, Alstom will deliver Renfe 201 trains which will provide an increased capacity of 20% compared to the existing Civia trains.

The EUR 998 million contract signed with Stadler covers the delivery of 59 Iberian-gauge commuter trains which will run at a speed of 140 km/h.

The Cercanías high-capacity trains are already in the manufacturing process and the first units are expected to begin receiving in 2024. The new trains, which will be fully accessible for people with reduced mobility, will have a capacity of at least 900 seats each and will minimise the time passengers get off and on, through an advanced design with a minimum of 10 doors and wide lobbies.

The contracts signed with these two rolling stock manufacturers are the largest in Renfe’s history.

Renfe has been financing the procurement of new rolling stock with funding from the European Investment Bank and Eurofima. Both financial institutions cover more than 50% of Renfe’s financing. The financing of the EIB can be direct, as up to now, or intermediated, as on this occasion with the intermediation of the ICO. All EIB financing to Renfe is on long-term. Among the most important investments financed by the EIB are the purchase of high-speed trains from Talgo and Siemens (the series 103, 112, 106 and 130) and the purchase of Cercanías and medium-distance trains from CAF and Alstom, among others. In 2021, Renfe and CAF signed a EUR 258 million contract for the supply 37 suburban and medium-distance trains.

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