EIB finances Renfe fleet renewal
- Pinnacle Team
- Sep 4
- 2 min read
Renfe and EIB's Strategic Partnership Accelerates European Rail Innovation
The future of the European rail network just got a lot brighter, as Spain's railway operator **Renfe** has secured a substantial loan of €225 million from the **European Investment Bank (EIB)**. This funding will play a key role in Renfe's modernization of its high-speed trains and freight locomotives, improving the sustainability and efficiency of rail transport.
The first installment of the loan, worth €100 million, is allocated for the purchase of 13 Class 107 high-speed trains, a project with a total cost of €260 million. These gauge-changing trains, manufactured by Talgo, will operate across Spain's extensive high-speed rail network, significantly enhancing the speed and convenience of rail travel both within Spain and beyond.
A second installment, also €100 million, will help fund Renfe's freight division, **Renfe Mercancías**, in its purchase of 24 new freight locomotives and the installation of the European Train Control System (**ERTMS**) on some of its existing locomotives, a total cost of €212 million. Additionally, the funds will be used for noise reduction measures on 2,900 freight cars. This will boost the efficiency of freight transport across Europe and contribute to reducing the environmental impact of rail transport.
This financial agreement between the EIB and Renfe follows a series of previous agreements that supported the acquisition of Class 103, 106, 112, and 130 high-speed and commuter trains, demonstrating the ongoing collaboration and trust between the two organizations. This loan package will be pivotal in modernizing rail transport services within and outside Spain, improving mobility and accessibility, and taking a significant step towards a sustainable future for rail transport.
This strategic partnership and investment reaffirm Europe's commitment to a sustainable and efficient future in the rail transport sector. The collaboration between Renfe and the EIB will be a crucial milestone in the innovation and development of rail transport, bringing about positive changes not only in Spain but throughout the European railway system.
February 20, 2024
