The project to provide new trains on the Great Western Main Line reached financial close on July 24, 2012. The project involves the provision of rolling stock comprising a total of 369 carriages to run on the Great Western Main Line between London and Bristol. The trains are being manufactured and maintained by the Agility Trains consortium, formed by Hitachi and John Laing. The first trains are expected to enter service in 2017.

The procuring authority is the UK Department for Transport (DfT), with PwC acting as financial advisor to the DfT. HSBC acted as financial advisor to the Agility Trains consortium.

The group of lenders providing financing for the project includes HSBC, Lloyds TSB, Mizuho, SMBC, BTMU, Mitsubishi UFJ Trust and Banking, Sumitomo Mitsui Trust Bank, European Investment Bank and Japan Bank for International Cooperation.

Operis provided financial model audit services for the project on behalf of the lenders, Hitachi and John Laing.

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