Plenary Group has completed an AU$1.2 billion (USD 750 million) refinancing of the High Capacity Metro Trains project in Melbourne, Victoria, Australia.

The AU$2.4 billion (US$ 1.5 billion) PPP involves the Plenary Group-led Evolution Rail consortium, which includes Partners Group, Downer, and CRRC, collaborating with the Victorian Government to deliver and maintain 70 high-capacity trains along with two maintenance facilities for Melbourne’s rail network. Evolution Rail oversaw the financing, design, construction, and commissioning of the trains and facilities and will manage their maintenance for the next 30 years. Plenary Group acted as the financial advisor, with Clayton Utz serving as the sponsor’s legal advisor and King & Wood Mallesons representing the lenders.

All 70 new trains have been delivered, are in revenue service, and have collectively covered over 12 million km. Additionally, the Pakenham train maintenance facility is fully functional, supporting the fleet, while two advanced aircraft-quality simulators have trained over 700 drivers to date.