John Laing Group, an international investor and active manager of infrastructure projects, has announced the completion of financing for a greenfield investment in rolling stock in Germany, through an 89% stake alongside Rock Rail.
The project will finance and own a fleet of 61 Siemens Mireo battery-electric multiple units (BEMUs) for regional passenger transport on the Northern Westphalia (NnW) network.
The PPP investment is structured so that the train fleet will be made available to a private operator designated by the contracting authority through a wet lease* contract based on availability, for a period of 30 years, following a four-year delivery period. The contracting authority is Zweckverband Nahverkehr Westfalen-Lippe (NWL), the region’s public transport authority.
“We are delighted with this significant new rail investment in Germany, which reflects both our greenfield investment capacity and our long-term commitment to sustainable transport infrastructure. It also marks our return to Germany, working with excellent partners—Rock Rail and Siemens—to support the transition to cleaner public transport, with a clear decarbonization benefit,” said Andrew Truscott, CEO of John Laing.
Germany’s second-largest fleet of battery-powered trains
The first trains are expected to enter service by the end of 2029. NWL is simultaneously conducting the operator selection process, with the award expected in 2026.
The new fleet in Germany will replace existing diesel trains, support cleaner and quieter regional transport, and contribute to Germany’s public transport decarbonization goals.
“Finalizing the financing for NWL is a significant milestone for Rock Rail and a new step in our continued growth in Germany. The project demonstrates how rolling stock expertise and long-term private capital can contribute to modern, low-emission transport solutions,” said Mike Kean, Chief Operating Officer of Rock Rail.
As a result of this transaction, Rock Rail has completed the financing phase for the North Westphalia Network (NnW) project in Germany, securing long-term financing for the new fleet of battery-powered electric trains.
In December 2025, NWL ordered 61 battery-powered Mireo Plus B trains from Siemens Mobility, and the financing and supply of the vehicles are being handled through a lease by Rock Rail NnW.
This order marked the largest modernization step for regional passenger rail transport in the region and will constitute the second-largest fleet of battery-powered trains in Germany.
The project was awarded by Zweckverband Nahverkehr Westfalen-Lippe (NWL), the region’s public transport authority. In parallel, a separate process is underway to select the train operator, with the award expected in 2026.
*Wet lease is a term used in rolling stock leasing (and aviation) that means the train owner provides not only the vehicles but also the services necessary for operation.
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