CMS Advises Institutional Investors on Financing Electric and Battery‑Electric Train Fleets in Germany

CMS (UK and Germany) represented MEAG as arranger, the note investors and debt providers (including funds managed by MEAG), and Kroll Agency Services Limited as intercreditor agent and security trustee, in connection with the provision of financing to companies owned by Rock Rail and Infracapital. The financings supported two recently closed projects to deliver new regional passenger train fleets in central Germany. Financial close for the Mittelthüringer Akku‑Netz (MAN) fleet occurred in August 2025 and for the Elektronetz Nord‑Magdeburg (ENORM) fleet in November 2025. The MAN project will provide 19 Stadler FLIRT Akku battery‑electric multiple units (BEMUs) to be operated by DB Regio AG on the MAN network in Thuringia. The ENORM project will deliver 35 Siemens Mireo electric multiple units for operation by DB Regio AG on the ENORM network serving Magdeburg and Halle. The new ENORM fleet has been designed to provide operational flexibility, enhanced seating capacity and compatibility with varying platform heights, offering step‑free access. CMS (UK and Germany) represented MEAG (as arranger), the note investors and debt providers (including funds managed by MEAG), and Kroll Agency Services Limited (as intercreditor agent and security trustee) with a team composed by: Katie Duffield (Partner, CMS UK); Kerstin Block (Partner, CMS Germany); Neha Arora (Counsel, CMS UK); Jack Smithers (CMS UK); Chris Thorp (CMS UK); Kaies Kargar (CMS UK); Shamyal Shah (CMS UK); and Silas Jansen (CMS Germany). The work was conducted through CMS’s Infrastructure & Projects practice, a global team of more than 400 lawyers advising on transport and other major infrastructure financings and public‑private projects.

CMS Advises Institutional Investors on Financing Electric and Battery‑Electric Train Fleets in Germany

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