Alpha Trains

Alpha Trains is a European rolling-stock leasing and asset-management company headquartered in Luxembourg. It supplies railway operators with access to locomotives and passenger trainsets through leasing and related lifecycle-management arrangements. Its customers operate in freight, passenger and regional rail markets, allowing Alpha Trains to serve as an asset owner and specialist fleet partner rather than as a consumer-facing train manufacturer. The company was created in August 2008 as Angel Trains International, following the separation of Angel Trains’ continental European activities from the wider British rolling-stock leasing business. The new entity inherited international rolling stock and operations that had previously formed part of Angel Trains’ European portfolio. In January 2010, it adopted the Alpha Trains name and began operating as a distinct European rolling-stock platform. Alpha Trains expanded during the 2010s through acquisitions, new-build orders and technical upgrades. Important portfolio additions included locomotives and multiple units acquired from Royal Bank of Scotland and regional multiple units purchased from subsidiaries of Société Générale. The company also acquired or ordered vehicles from manufacturers including Stadler Rail, Alstom, Bombardier, Siemens and Vossloh. Its fleet has included electric, diesel and electro-diesel locomotives, as well as regional multiple units such as Stadler FLIRT, Stadler Regio-Shuttle RS1, Siemens Desiro, Bombardier Talent and Alstom Lint trains. The leasing model addresses the capital intensity and technical complexity of railway operations. Instead of purchasing an entire fleet outright, an operator can obtain vehicles under a lease and rely on the lessor for elements of financing, fleet administration, technical coordination, refurbishment and long-term asset management. Alpha Trains’ vehicles may be adapted for different national networks and operating requirements, including upgrades for modern signalling systems and maintenance arrangements with manufacturers. By December 2019, the company’s portfolio comprised 363 locomotives and 432 trainsets leased to operators in 17 European countries. Its ownership also changed during the period from 2019 to 2021. APG acquired a 41% stake from Arcus European Infrastructure Fund in December 2019, while subsequent transactions involved AMP Capital and the Public Sector Pension Investment Board. PGGM Infrastructure Fund acquired the latter investor’s stake. These changes reinforced Alpha Trains’ position as an institutionally owned infrastructure platform. The company has continued to combine asset ownership with digital and technical services. In 2021 it announced a retrofit programme for 77 locomotives to support European Train Control System Level 2 Baseline 3 Release 2 compatibility. In 2022 it signed an eight-year locomotive maintenance agreement with Alstom covering vehicles based in Belgium, the Netherlands, Luxembourg and Germany, and launched the AlphaNow customer portal for booking individual locomotives through a live online interface. Alpha Trains therefore occupies a specialist position in European rail finance and fleet services, connecting long-lived rolling-stock assets with operators across multiple national markets.

Alpha Trains emerged from the continental European activities of Angel Trains, a rolling-stock leasing company established in Britain in 1994 in the context of British Rail privatisation. Angel Trains developed assets and commercial operations in both the United Kingdom and mainland Europe. After a consortium acquired Angel Trains in June 2008, the business was reorganised. Its international operations and continental European inventory were separated into a new company, Angel Trains International, in August 2008. The new company adopted the Alpha Trains name in January 2010. It focused on leasing and managing locomotives and passenger trains for railway operators in mainland Europe, including markets within the European Union and European Free Trade Association. Its business model combined ownership or control of rolling-stock assets with leasing, financing, technical coordination and lifecycle management. This enabled operators to access vehicles without bearing the full upfront cost of fleet ownership. During the 2010s, Alpha Trains grew through acquisitions and additions of new-build vehicles. In 2014 it agreed to acquire 137 locomotives and 65 multiple units from Royal Bank of Scotland. In 2016 it acquired 89 Alstom-built regional multiple units from subsidiaries of Société Générale. The company also expanded through purchases from manufacturers such as Stadler Rail and Alstom, while existing locomotives and trainsets were retrofitted to meet changing technical and regulatory requirements. The portfolio included passenger train families such as Stadler FLIRT, Stadler Regio-Shuttle RS1, Siemens Desiro, Bombardier Talent and Alstom Lint. Its locomotive assets included Siemens ER20, Bombardier Traxx, Vossloh G2000, G1700, G1206 and G1000, Vossloh Euro 4000 and EMD Class 66 vehicles. These assets supported passenger, regional and freight operations in multiple European countries. In January 2017, Alpha Trains arranged a green private refinancing connected with debt accumulated through acquisitions of environmentally friendly electric trains. The company also participated in the introduction of Stadler’s Euro Dual electro-diesel locomotive. In June 2018, it was named as one of the launch customers for the type, alongside French freight operator VFLI. Ownership changed further between 2019 and 2021. In December 2019, APG acquired a 41% interest from Arcus European Infrastructure Fund. In 2021, AMP Capital agreed to sell its stake to APG, while the Public Sector Pension Investment Board agreed to sell its stake to PGGM Infrastructure Fund. These transactions changed the composition of the institutional investor base while leaving Alpha Trains as a private infrastructure business. As of December 2019, Alpha Trains owned 363 locomotives and 432 trainsets leased to operators in 17 European countries. In 2021 it confirmed a retrofit programme for 77 locomotives, comprising Bombardier Traxx and Vossloh models, to support European Train Control System Level 2 Baseline 3 Release 2. In 2022 it agreed an eight-year maintenance contract with Alstom covering 70 locomotives in Belgium, the Netherlands, Luxembourg and Germany. It also launched AlphaNow, a digital customer portal designed to let operators book individual locomotives through a live online service. The company’s development reflects the growing role of specialist asset owners in European rail, where long vehicle lives, cross-border technical standards and high capital requirements create demand for leasing and fleet-management partners.

• 2022

  Maintenance contract and AlphaNow portal

  [1]Alpha Trainsen.wikipedia.org

  Alpha Trains agreed an eight-year Alstom maintenance contract and launched its AlphaNow locomotive-booking portal.

• 2021

  Fleet retrofit programme confirmed

  [1]Alpha Trainsen.wikipedia.org

  A 77-locomotive retrofit programme was announced to improve compatibility with modern ETCS signalling.

• 2019

  APG acquires a major stake

  [1]Alpha Trainsen.wikipedia.org

  APG acquired a 41% shareholding from Arcus European Infrastructure Fund.

• 2017

  Green private refinancing

  [1]Alpha Trainsen.wikipedia.org

  Alpha Trains arranged a green private refinancing linked to electric-train acquisitions.

• 2016

  Société Générale portfolio acquisition

  [1]Alpha Trainsen.wikipedia.org

  The company acquired 89 Alstom-built regional multiple units from Société Générale subsidiaries.

• 2014

  RBS portfolio acquisition

  [1]Alpha Trainsen.wikipedia.org

  Alpha Trains agreed to acquire 137 locomotives and 65 multiple units from Royal Bank of Scotland.

• 2010

  Alpha Trains brand adopted

  [1]Alpha Trainsen.wikipedia.org

  Angel Trains International began operating under the Alpha Trains name.

• 2008

  Angel Trains International is created

  [1]Alpha Trainsen.wikipedia.org

  The continental European operations and assets of Angel Trains were separated into a new international entity.

• 1994

  Angel Trains is formed

  [1]Alpha Trainsen.wikipedia.org

  Angel Trains was established as a British rolling-stock leasing business in preparation for the privatisation of British Rail.

A specialist European rolling-stock lessor and asset-management partner for freight, passenger and regional railway operators.

• Rolling-stock leasing

  Locomotive leasing

  Alpha Trains leases locomotives for freight, passenger and other railway applications. Its locomotive portfolio has included electric, diesel and electro-diesel types from manufacturers such as Bombardier, Siemens, Vossloh, Stadler and EMD. Leasing gives operators access to traction assets without requiring an outright purchase and can support cross-border or changing operating requirements.

• Passenger rolling-stock leasing

  Passenger train leasing

  The company leases regional and passenger multiple units to railway and public-transport operators. Examples of vehicle families in its portfolio include Stadler FLIRT, Stadler Regio-Shuttle RS1, Siemens Desiro, Bombardier Talent and Alstom Lint. The service combines access to trainsets with asset administration and lifecycle support.

• Rail asset management

  Rolling-stock asset management

  Alpha Trains manages the commercial and technical lifecycle of locomotives and passenger trains. Activities may include lease administration, fleet planning, coordination of upgrades, manufacturer relationships and preparation of vehicles for continued use in different networks. The approach is designed for long-lived, capital-intensive railway assets.

• Digital locomotive-booking service · 2022

  AlphaNow

  AlphaNow is a customer portal launched in 2022 that allows operators to book individual locomotives through a live online interface. It represents a digital extension of Alpha Trains’ leasing model, providing a more direct way for customers to view and request available traction assets.

• 2022

  Expand digital and lifecycle servicesStrategy

  Background

  Rail operators require both dependable vehicle maintenance and more flexible access to leased traction assets.

  Action taken

  Alpha Trains signed an eight-year Alstom maintenance agreement covering 70 locomotives and launched the AlphaNow booking portal.

  Aftermath

  The initiatives strengthened the company’s combination of technical lifecycle management and digitally enabled leasing services.

  Source

• 2021

  Upgrade locomotives for ETCS compatibilityGeneration change

  Background

  Changing European signalling requirements created a need to improve the interoperability of existing locomotive assets.

  Action taken

  Alpha Trains confirmed retrofits for 77 locomotives, including Bombardier Traxx and Vossloh models, to support ETCS Level 2 Baseline 3 Release 2.

  Aftermath

  The upgrades were intended to extend the operational usefulness of existing locomotives on modern signalling networks.

  Source

• 2017

  Green private refinancingStrategy

  Background

  Alpha Trains had accumulated debt in connection with acquisitions of environmentally focused electric trains.

  Action taken

  The company arranged a green private refinancing for that accumulated debt.

  Aftermath

  The transaction was described as a first of its type for a company in this sector.

  Source

• 2010

  Rebrand as Alpha TrainsStrategy

  Background

  The newly separated international business required a distinct identity for its continental European operations.

  Action taken

  Angel Trains International adopted the Alpha Trains branding in January 2010.

  Aftermath

  Alpha Trains operated as an identifiable European rolling-stock lessor and asset manager.

  Source

• 2008

  Separate continental European operationsStrategy

  Background

  Following the acquisition and restructuring of Angel Trains, its international operations and continental European rolling-stock inventory were separated from the wider business.

  Action taken

  Angel Trains International was created in August 2008 as the dedicated entity for those activities.

  Aftermath

  The entity became the foundation for the later Alpha Trains brand and its European leasing platform.

  Source

1. 1Alpha Trainsen.wikipedia.org