CMS advises institutional investors on financing of battery-electric and electric train fleets in Germany
CMS has advised MEAG as arranger and the note investors and debt providers, including funds managed by MEAG, and Kroll Agency Services Limited, as intercreditor agent and security trustee, on the successful provision of financing to companies owned by Rock Rail and Infracapital in respect of two recently closed projects to deliver new electric regional passenger trains 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, Germany. The ENORM Project will provide 35 Siemens Mireo electric multiple units for operation by DB Regio AG on Germany’s 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 Partner, Katie Duffield, comments: “We’re delighted to have continued our relationship with Rock Rail, Infracapital and MEAG, building on the success of the MDSB 2025+ transactions, by advising the funders on these exciting projects, which will contribute to the long‑term decarbonisation of Europe’s transport system. Bringing together a cross‑border CMS team, our role on this deal showcases the strength of our rail finance offering.”
The CMS team was led by partners, Katie Duffield (CMS UK) and Kerstin Block (CMS Germany) with support from counsel Neha Arora (CMS UK). The wider team included Jack Smithers, Chris Thorp, Kaies Kargar and Shamyal Shah (CMS UK), and Silas Jansen (CMS Germany).
The CMS Infrastructure & Projects team has over 400 lawyers supporting clients worldwide. The team works in partnership with both private and public sector clients and has advised on some of the largest and first‑of‑a‑kind deals across the globe. CMS regularly advises on public works programmes and private sector financings in the areas of transport, health, education, waste, energy, defence, IT/telecoms, leisure, custodial and justice, ports, rail, roads and water.
