Porterbrook £1bn
Rolling stock leasing company plans investment in new trains and innovative technology over the next five years.
ROLLING stock leasing company Porterbrook aims to spend £1 billion on UK rail in the next five years.
Porterbrook Fleet Director Neil Foster told RAIL on March 28 that the investment would be on new trains and innovative technology. This could be new-build trains, as well as re-engineered fleets such as the Class 769 Flex bi-mode multiple units. Fitting wheel slip protection to Class 15x diesel multiple units is another example of work that could be included.
“The £1 billion sees continued opportunity across a range of assets. Primarily that is rolling stock but, obviously, we will evaluate other markets,” he said.
Foster did not rule out the possibility of investing in infrastructure: “We’d look at every opportunity. The core component is rolling stock, but rolling stock runs on infrastructure. We have nothing in mind at the moment, but as rail evolves we’ll look at what presents itself.”
The rolling stock leasing company says the ROSCO market has changed in the past two years. Currently Porterbrook accounts for 32% of the train-leasing market, although this will drop to 22% in the next five years as new trains owned by other companies are delivered, replacing older trains owned by the Derby-based firm.
Foster told RAIL that the reduction in leasing, as well as changes in the market, has “caused soul-searching” at the business. He said the aim now is to engage with customers and show where the company can add value to contract.
“We don’t just lease trains, we asset manage,” he added, confirming that Porterbrook was investigating the potential of both battery and hydrogen power.
The company owns the final Class 387/1 Electrostar just delivered to Great Western Railway, and is committed to financing six ten-car Class 701 electric multiple units for c2c.
It will have 1,523 vehicles due to go off-lease in the next five years - 92 locomotives, 415 coaches, 119 diesel multiple unit and 897 electric multiple units (EMUs). A further 42 four-car Class 319 EMUs are already stored.