13.12.13
£500m deal to finance Crossrail fleet agreed
The European Investment Bank has agreed to provide up to £500m to TfL to support Crossrail’s development.
A new corporate facility will be used to finance the fleet of new trains and a maintenance depot for Crossrail. The 60 Class 345 trains will each be around 200 metres long and carry up to 1,500 passengers with real-time passenger information systems on board.
A contract for new rolling stock and depot is expected to be awarded in spring 2014.
Jonathan Taylor, European Investment Bank vice president, said: “The European Investment Bank has supported key transport infrastructure across the UK for many years. We are pleased to provide significant support for the latest step in Crossrail’s development, by backing new trains and maintenance facilities. This follows a billion pound loan for the tunnels provided five years ago.
“Crossrail will transform transport connections across Europe’s largest city and bring economic benefits to both London and the South East. The European Investment Bank looks forward to continued strong engagement in the future.”
The Mayor of London, Boris Johnson, said: “Crossrail is set to add vital new capacity to London's transport network and is creating thousands of jobs all over the UK. We welcome the EIB's commitment to Europe's largest construction project which is delivering a brand new world class subterranean railway line on time and on budget.”
Steve Allen, TfL’s managing director, finance said: “Crossrail will increase rail capacity in the capital by 10 per cent and make it easier for people travelling across London, cutting journey times and will help create jobs and support growth and regeneration along the route. The new Crossrail trains will have air conditioning and walk through carriages maximising capacity.”
Siemens pulled out of the procurement process to build the new trains earlier this year, leaving Bombardier, Hitachi and CAF in the bidding.
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