Luxembourg/Warsaw, 27 March 2025 – OnTrain, the recently established Poland-based locomotive leasing platform majority-owned by Marguerite, a pan-European infrastructure investor, together with Griffin Capital Partners, and WBW Invest, has secured a debt financing package totalling EUR 170 million.

This strategic funding supports the acquisition of 50 electric locomotives, putting OnTrain in the forefront of modern leasing solutions to rail carriers across Europe. The financed fleet consists of 40 Alstom Traxx MS3 multisystem locomotives and 10 Newag Dragon 2 LM heavy electric locomotives.

The financing structure comprises term loans denominated in Euros (EUR) and Polish Złoty (PLN), covering a significant part of the total purchase price of these locomotives. Additionally, OnTrain secured a PLN 25 million VAT facility dedicated to financing recoverable VAT associated with the locomotive acquisition.

The financing was provided by a consortium of leading Polish banks: Powszechna Kasa Oszczędności Bank Polski S.A., BGK – Polish Development Bank and Bank Polska Kasa Opieki S.A., acting as Financing and Security Agent.

“This financing represents a crucial step in OnTrain’s mission to modernise rail transport in alignment with Europe’s shift towards environmentally-neutral logistics solutions. OnTrain is strategically positioned to serve the evolving needs of the rail industry, addressing the increasing demand for replacement and upgrading of Europe’s ageing locomotive fleets,” said Michael Dedieu, Managing Partner at Marguerite.

As a critical logistics hub between the Baltic, Western Mediterranean, and Black Sea regions, Poland urgently requires modernised rail infrastructure to ensure efficient and sustainable transport operations.

“This investment aligns with our goal to modernise rail transport as part of broader energy transition initiatives. Working alongside Griffin Capital Partners and WBW Invest allows us to leverage combined expertise to drive sustainable transportation solutions in Poland and across Europe,” said Michael Dedieu.

OnTrain was launched by Marguerite, Griffin Capital Partners, and WBW Invest on December 16, 2024, announcing initial firm orders for 80 locomotives—40 from Alstom and 10 from Newag, with an additional option for 30 locomotives. The platform aims to significantly impact rail transport by providing operators with modern, ETCS-equipped locomotives tailored for cross-border operations throughout the European Union.

“At Griffin Capital Partners, we actively pursue investment opportunities in sectors undergoing transformation, and the rail industry is one of the key areas where we see significant potential,” says Tomasz Mrowczyk, Co-Managing Partner at Griffin Capital Partners.  “The sector requires significant capital expenditures. The financing secured for OnTrain highlights our ability to execute effective investment strategies and demonstrates our expertise in identifying and supporting high-potential projects.”

“Obtaining financing of 170 million EUR is an important step in the development of the OnTrain platform. It allows us to consistently pursue the goals we have set for ourselves. Reliability, timeliness of transport and its low environmental impact are essential elements of modern railway logistics. OnTrain provides customers with modern, reliable, environmentally and user-friendly railway vehicles that help meet these challenges. All of them are equipped with ETCS and meet the highest standards in railway traffic safety. We are grateful to PKO Bank Polski, BGK, and Pekao S.A. for the trust and support that enables us to achieve our ambitious goals” commented Piotr Ignasiak, CEO at OnTrain and co-owner at WBW.