HAMBURG UNDERGROUND ROLLING STOCK GREEN LOAN

The project consists of the purchase of 41 trains (DT6-F) to renew rolling stock on the existing lines of Hamburg metro network.

The project will contribute to improving public transport competitiveness and attractiveness in the city-State of Hamburg, thus reducing the reliance on private cars and the negative impact of transport on the local environment as well as improving road safety. In increasing the share of public transport with more underground trains and replacing old trains, the project will contribute to reducing greenhouse gas (GHG) emissions, improving air quality levels, reducing noise pollution and improving energy efficiency.

The operation consists of the purchase of 41 trains for Hamburger Hochbahn AG, main operating company managing the public transport network of the city of Hamburg and its region. The company runs 4 subway lines and 117 bus lines and transports over one million passengers on a daily basis.

The proposed investments will - by improving public transport services - contribute to achieve sustainable transport objectives as well as climate action objectives of the city aligned with the EU policy and goals.

The investments will contribute to the improvement of the quality of service offered on the public transport network (in terms of speed, comfort and reliability). They will encourage the use of public transport and reduce dependence on private cars. 

As a result, the investments to be financed should contribute to the reduction of environmental pollution from transport in terms of atmospheric and noise pollution, road accidents and global warming (externalities). Furthermore, investments should bring benefits in terms of savings in travel and waiting times for users, reduced road congestion (public goods) and improved accessibility to places of study and work (imperfect competition).

The Project will promote more efficient, accessible, environmentally friendly and safe transport.

In financial terms, the EIB loan is expected to allow the Borrower to diversify its funding sources at attractive financial conditions, with a long term and grace period in line the construction and delivery time of the trains. The EIB loan also allows for a high flexibility in using the line, with limited commitment fees over part of the availability period. In non-financial terms, the granting of the EIB loan is considered to have a positive signalling effect for other potential lenders.

The manufacturing of the new rolling stock does not fall within the scope of Directive 2011/92/EU amended by the EIA Directive 2014/52/EU as it is not listed in the Annexes of the Environmental Impact Assessment (EIA) Directive.

The Bank will require the Promoter to ensure that contracts for implementation of the Project have been tendered in accordance with the applicable EU procurement legislation 2014/25/EU as well as Directive 92/13/EEC as interpreted by the Court of Justice of the EU, with publication of tender notices in the EU Official Journal, as and where required. Following the tender which ended with the submission of a BAFO (Best and final offer) on April 19, 2024, the framework agreement with ALSTOM Transport Deutschland GmbH for the delivery of the trains has been signed in June 2024.