KfW IPEX-Bank finances investments in freight wagons for Wascosa
Press Release from 2020-12-21 / KfW IPEX-Bank
- 570 new freight wagons manufactured by Greenbrier
- Leased to Network Rail, United Kingdom
KfW IPEX-Bank is getting involved in the international freight transport sector once again, financing new company Wascosa UK Ltd., a British subsidiary of Swiss wagon leasing company Wascosa, to purchase freight wagons. With a fleet of around 15,000 wagons, Wascosa is among the largest wagon leasing companies in Europe.
The financing encompasses GBP 47.7 million and has a term of ten years. Its purpose is to enable the procurement of 570 new freight wagons from the largest European freight wagon manufacturer Greenbrier. The new innovative modular wagons are manufactured in Poland and Romania and, once they are complete, they will gradually be transferred to the United Kingdom from late 2021 onwards. There, they will be leased to the British public sector infrastructure operator Network Rail, which will use them for infrastructure works on the British rail network, where they are replacing old standard freight wagons.
“We are proud that we have been able to make direct financing available to Wascosa for the first time, as it usually acts as an asset manager for third party investors,” says Andreas Ufer, the member of the KfW IPEX-Bank Management Board responsible for the transaction. “With the financing, we are once again highlighting our position as one of the leading banks for railway project financing in Europe.”