Angel Trains has signed contracts to finance 20 new Desiro trains, worth a total of £131m.
The new rolling stock contract will see Siemens plc manufacture ten trains to strengthen the existing London Midland fleet, and ten trains to First TransPennine Express (TPE).
The new electric vehicles will be employed to strengthen London Midland’s existing commuter services into London and along the West Coast main line, while TPE will use the trains on newly electrified services between Manchester and Scotland, once electrification schemes are completed by Network Rail.
Leasing Life covered the beginnings of the deal between London Midlands and Angel trains in September 2011.
Kevin Tribley, chief operating officer for Angel Trains, said: “The finalisation of these contracts with London Midland and TPE is a significant milestone. We are also delighted to add First TransPennine Express to our list of customers.
“The combining of orders for London Midland and First TransPennine Express with an existing train specification means we can deliver value for money by reducing the whole-life cost of operating the fleets.”
The leasing company already has 937 Desiro vehicles in the UK, and a total fleet of 1,017. Angel trains now leases vehicles to all of the 19 franchised train operators in the UK.
The new trains will start to enter service in winter 2013, with the final batch for London Midland expected to enter service in April 2014.