Clifford Chance

Clifford Chance advises on financing of 70 new Scotrail trains

International law firm Clifford Chance has advised Sumitomo Mitsui Banking Corporation (SMBC) and German development bank KfW IPEX-Bank GmbH in relation to the debt financing of the procurement of a new fleet of passenger rolling stock for the Scotrail Franchise.

The financing will support the acquisition of 70 electric multiple units (46 three-car trains and 24 four-car trains), which will operate on the Edinburgh – Glasgow via Falkirk route as well as on suburban services from both cities to Stirling, Alloa and Dunblane, renewing the rolling stock on those routes. 

The rolling stock is being procured from Hitachi Rail Europe by an SMBC leasing entity and leased to Dutch-owned Abellio Scotrail, which will take over the Scotrail franchise in April 2015.

Finance partner Ranbir Hunjan led the Clifford Chance team, assisted by senior associates Paul Carrington, Dominic Watts and Rochelle Roiri.