A US financial services provider has acquired a minority stake in the consortium delivering the £4.5 billion Intercity Express Programme (IEP).
Agility Trains was awarded a £2.4 billion contract last year for the construction of 92 new Hitachi trains to replace Britain’s ageing Intercity 125 fleet.
As part of the deal, assembly of the new rolling stock will be carried out at a purpose-built site in Newton Aycliffe.
Scott Inglis, global head of MetLife Private Capital Investors, said: “This investment in Agility Trains West reflects MetLife Private Capital Investors’ growing interest in expanding our global portfolio of direct investment in global infrastructure equity and private debt placements in well-structured, long-term infrastructure assets and projects.
“Our involvement in the Intercity Express Program in the UK demonstrates MetLife’s ability to partner with strategic and diverse sponsors and investors in competitive transportation and infrastructure sectors.”
They’re not replacing all the HSTs. The Penzance-Paddington FGW route will continue to run HSTs and there are no plans to replace them. The carriages will be modified to make them wheelchair friendly, but that’s it.
There is still no information from Hitachi about what exactly (if anything!) will be made at Newton Aycliffe. It is becoming more and more likely that it will just be a “screwdriver” final assembly plant, putting together bodyshells, bogies and other major components that will be manufactured in Japan and elsewhere.
There is still no information from Hitachi about what exactly (if anything!) will be made at Newton Aycliffe. It is becoming more and more likely that it will just be a “screwdriver” final assembly plant, putting together bodyshells, bogies and other major components that will be manufactured in Japan and elsewhere.