Texas Central has announced that it has engaged Citi and MUFG as financial advisers and to lead capital-raising activities for the development of a high-speed line between Houston and North Texas.

Citi will serve as sole global coordinator and lead financial adviser and MUFG as co-global financial adviser. Citi and MUFG will assist in securing the financing across debt and equity to finance the project.

The new high-speed train will connect North Texas, the Brazos Valley and Houston in 90 minutes. Texas Central will be responsible for the system's design, finance, construction, operation and maintenance, and is backed by investors, not government grants, a new business model for infrastructure advances.