POLAND: Leasing company OnTrain has been launched to offer central European freight operators a way to replace ageing locomotive fleets, and has placed initial orders for 80 electric locos.
OnTrain is majority-owned by Luxembourg based infrastructure investor Marguerite, along with privately-owned investment and asset manager Griffin Capital Partners and Polish renewable energy, transport and logistics investor WBW Invest.
It aims to offer modern locomotives equipped for cross-border operation under short and long-term deals including maintenance.
Alstom has been awarded firm orders to supply 35 Traxx 3 multisystem locomotives authorised for Poland, Germany, Austria, the Czech Republic, Slovakia, Slovenia, Croatia and Serbia, and five locos authorised for Poland, Germany, Austria, the Czech Republic, Slovakia and Hungary. There are options for 20 more locos.
Newag is to supply 10 Dragon 2 LM electric locomotives with options for 10 more.
Catching up to do
OnTrain said Poland was Europe’s second-largest rail freight market, totalling 62 billion tonne-km in 2023, and several key corridors pass through it in which intermodal transport is becoming increasingly important.
Piotr Ignasiak of WBW Invest is CEO of OnTrain. He said that ’Poland’s growing economic position is not matched by statistics on the age and efficiency of the rolling stock used by hauliers’.
OnTrain said 81% of Polish locomotives are more than 30 years old. The average age of an electric loco is 30 years, and nearly 40 years for diesels, while only 48% of locos in western Europe exceed 30 years. ‘We have a lot of catching up to do here’, said Ignasiak.
He said legal changes, the push for carbon reduction, a significant increase in rail infrastructure investment and the need to offer a better working environment to attract staff mean ’now is the ideal time to establish our platform, as demand for leasing of modern locomotives is expected to continue to grow’.
Michael Dedieu, Managing Partner at Marguerite, said ‘modernising rail transport is part of broader energy transition trends and processes, and the demand and popularity of rolling stock leasing services will only grow. Working with Griffin Capital Partners and WBW Invest allows us to combine knowledge and resources to support the decarbonisation of freight transportation in Poland and Europe.’
Tomasz Mrowczyk, Co-Managing Partner at Griffin Capital Partners, said ’entering the rail sector marks a significant milestone in the continued development of our private equity business. This carefully selected industry offers tremendous opportunities for growth and innovation.’
Advisers to the parties involved in setting up OnTrack included Rymarz Zdort Maruta, Baker & McKenzie, SCI Verkehr and MDDP.
