PJ_Agility Trains West_IEP

This is a rolling stock leasing project with 57 Hitachi class 800 bi-mode trains to be operated on the Great Western Mainline, and other routes currently served by the train operating company Great Western Railway. Revenues are generated through the lease of the rolling stock to the operator. There is a usage guarantee from the Department for Transport (DfT) until 2045.

The DfT is the counterparty to the PFI contract. The Great Western rail franchise is currently operated by First Group. Hitachi is contracted for the manufacture and maintenance of the trains, which it does at three associated depots – one a short distance from London Paddington station and the others in Bristol and Swansea.

The Equitix shares were purchased in the secondary market after trains had entered service. Equitix has an interest in 60% of the underlying project, held through investment vehicles in which the principal co-investor is Dalmore. The other 40% is owned by Hitachi (25%) and Axa (15%).