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Thu May 06 2021

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Plenary closes deal for Victoria metro project

23 Nov 16 Plenary Group has achieved contractual close on the AU$2bn (£1.2bn) High Capacity Metro Trains project in Victoria, Australia.

The privately financed project for the Victorian government includes the construction of new maintenance facilities delivery of 65 new high-capacity trains.

Plenary is the commercial and financial lead, asset manager, and an equity investor in the project, and is part of the Evolution Rail consortium appointed to deliver and maintain the trains over the next 35 years. Evolution Rail also includes Downer Group as delivery and maintenance lead, fleet manufacture partner and equity investor, and CRRC Changchun Railway Vehicles as design and technology lead, fleet manufacture partner and equity investor.

Plenary Group CEO Paul Oppenheim said: “Evolution Rail had moved swiftly from preferred to contractual close over the past few weeks, and will now move to financial close with its partners.” He added that the team is optimistic about the Victorian Government’s transport infrastructure agenda. “This project is set to demonstrate the value-for-money outcomes that can be achieved from running a competitive public-private partnership process.”

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