Summary sheet
The project will finance the acquisition of 18 high-tech-hybrid service jets trains for fire extinguishing and rescue, serving in maintenance, train rescue and firefighting roles. The new trains will have three propulsion systems, such as electric, battery only and diesel (emergency-use only).
By replacing the existing, obsolete and age expired fleet, the project will enable the Austrian railway network to continue delivery essential maintenance and safety services with improved operational efficiency, reliability and effectiveness.
The project fleet will support safe, sustainable, resource efficient and reliable operations of the Austrian railway network, in particular for the large number of tunnels. The project fleet's main purpose is to offer emergency services for fires in tunnels and on other parts of the network. The project fleet will also support the maintenance of the overall railway network by offering safe and fast access and egress for maintenance personnel to tunnel infrastructure.
The provision of reliable emergency services and support for maintenance operations contribute towards a safe, available and cost effective railway infrastructure. This will further contribute to more competitive and more available railway services in passenger and freight markets. The use of railway services over other modes with higher externalities and costs to society contributes to traffic and environmental objectives.
The assets necessary for railway operations have long life and the benefits from these assets materialise over long time. The (national) financial markets often do not offer loan tenors that match the life of the assets. EIB is well positioned to offer the relevant lending terms for a project with long asset life and several years of construction period.
The Project is consistent with the Bank's Transport Lending Policy and contributes to meeting the Bank's commitment to climate action and environmental sustainability.
The EIB supports the diversification of the funding for this highly specialized asset and facilitates a solid financier base for this first-time borrower. The Bank offers the Borrower an opportunity of competitive long-term financing, matching the very long economic life of the underlying asset. This will lower the cost of operation for railway safety services, making railways a more competitive mode of transport than it would have been, had the original fleet been used further.
The flexible tranching of the EIB loan balances favourably the complementary flows from private financing partners. The long availability period allows the borrower to match the delivery plan and grants valuable flexibility in case of delays for this very specialized vehicle.
Purchase of rolling stock does not require an Environmental Impact Assessment (EIA). The project aligns with the objectives of the Paris Agreement in accordance with the criteria set out in the EIB Climate Bank Roadmap. It consists of acquisition of zero direct emission mobile assets, which bring demonstrable environmental and safety improvements to the OEBB fleet.
The promoter has completed a competitive tender and awarded the contract for the manufacturing of the project fleet to Swiss manufacturer Stadler.
The total project investment cost includes in addition to 18 trains also requisite spare parts, provisions for contingencies and interest during construction.