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ELL successfully secures EUR 1.4bn of investment grade, sustainability linked green financing to support its next phase of growth
NewsEuropean electric locomotive lessor secures an investment grade, long term financing structure with additional committed, undrawn debt facilities to fund its upcoming growth programme from a diversified group of banks and institutional investors.
ELL, Europe’s leading electric locomotive lessor, has successfully secured a €1.4bn long-term debt platform financing, extending its debt maturity profile and procuring committed capital for its fleet expansion and maintenance infrastructure across its European network.
The refinancing comprises bullet term loans across several tenors (7, 8, 10, 12, 15 and 20-years) placed with 14 international banks and 7 institutional investors from the US and Europe. The package also includes a €400m sustainability-linked revolving capex facility reinforcing ELL’s commitment towards providing environmentally sustainable solutions.
The innovative financing structure departs from traditional asset-backed financing models, providing ELL with flexibility to meet its growth ambitions whilst maintaining key infrastructure financing style creditor protections.
Proceeds from this financing will refinance existing debt and fund ELL’s capital expenditure programme, supporting the company’s strategic expansion of its Siemens Vectron fleet—currently the largest and youngest electric locomotive portfolio in Europe—and enhancement of its full service capabilities serving freight and passenger operators across the continent.
The breadth of lender participation reflects the strong confidence in ELL’s business model, operational excellence, long-term growth strategy, and highlights investor and market conviction in the Company.
RBC Capital Markets served as sole financial adviser, private placement agent, and ESG coordinator. Milbank LLP provided legal counsel to ELL and Latham & Watkins LLP represented the lending syndicate.
About ELL
ELL is a leading electric locomotive lessor providing fleet and maintenance services to freight and passenger operators across key European markets. Owned by BNP Paribas Asset Management Alts and Crédit Agricole Assurances since 2020, ELL owns and operates Europe’s largest Siemens Vectron electric fleet and is an essential core infrastructure service provider in Europe.
Christian Kern, CEO of ELL Group, said: “The confidence of the investors is a strong endorsement of our performance and business model. ELL currently operates a fleet of over 300 locomotives, making it the largest and most flexible Vectron fleet in Europe. The new financing platform enables us to offer our customers more added value-services.”, commented.
Mark Gilligan, Head of Infrastructure at BNP Paribas Asset Management Alts, added: “Our investment conviction is that decarbonisation, electrification, digitalisation, and sovereignty will drive infrastructure demand through 2050 and beyond. ELL is central to those convictions in supplying electrified locomotives which connect European businesses to markets and passengers to destinations. ELL has doubled in size since we acquired it for our clients in 2020. We are pleased to be entering its next phase of growth with the support of our lenders and this innovative platform financing. It allows us to scale the delivery of best-in-class zero-emission locomotives to Europe.”
ELL Sustainability Report 2025
NewsELL presents: Our sustainability report for 2025!
Please download the sustainability report here: https://www.ell-group.com/en/company/sustainability/
Statement of the CEO
European Locomotive Leasing (“ELL”) owns the largest and youngest fully electric fleet of 269 Siemens Vectron locomotives in Europe (as of December, 2025). With growing demand for sustainable rail transport capacity, ELL is focused on delivering the next phase of its tangible growth strategy by expanding its fleet to 456 locomotives by 2030. This growth strategy is accompanied by a sustainability strategy with ESG targets until 2030. We are convinced that sustainable and ethical business conduct is not only a question of moral responsibility, but also an important basis for our business success.
Progress in Environmental, Social and Governance initiatives drives us. Our key accomplishments in 2025 include the following:
In a challenging economic environment, ELL will continue to develop its business successfully in a sustainable way. Our overall goal is to shift passenger and freight transport to rail, the cleanest and, in our opinion, most sustainable mode of transport. In line with good governance and the highest environmental and social standards.
I am pleased to share ELL’s second audited Sustainability Report 2025 with you and invite you to explore our achievements and ambitions.
We are grateful for the ongoing support and engagement of our employees, shareholders and stakeholders on our journey towards a sustainable future.
Christian Kern
Chief Executive Officer
Picture © Andreas Jakwerth/LAIF/Picturedesk.com
300 Locomotives!
NewsThat happened quickly. Over the past few months, we have further expanded our position as the largest operator of Vectron locomotives. This week, we took delivery of our 300th Vectron! This means that nearly 15% of all Vectrons produced by Siemens Mobility are now in our possession.
ELL is the only major locomotive leasing company to rely on a uniform fleet. And for good reason: rail is a complex business and is becoming increasingly complex due to regulatory and technical requirements. Our goal is to make this as simple as possible for our customers. The specialization in a single locomotive type enables a unique depth of know-how and expertise, allowing our customers to prevail against competition.