Closing of another financing of Stadler locomotives for Turkey
Three years after the successful completion of a first financing of locomotives in Turkey, AIL has supported again Stadler for the structuring and arranging of a long-term SERV supported financing of five EURODUAL locomotives for a private company in Turkey.
The purchaser of the locomotives is Arkas Logistics, a company founded in 1989 and owned by Arkas Holding. The Arkas Group has been established in 1902 by the Arkas family, who is still managing the Group. Arkas is mainly active in agency services, port services and integrated logistic services combining sea, land, rail and air transportation. Recently, Arkas has started the construction of the first private intermodal terminal for freight transport in Turkey, located in Kocaeli, which will facilitate freight rail transport within Turkey and between Asia and Europe. The new locomotives will also be used in connection with the new terminal in Kocaeli. Arkas’ existing fleet amounts to approximately 700 railcars and 1’200 open containers.
The Stadler EURODUAL is a six-axle dual-mode locomotive for passenger and freight transport that offers two solutions in one. It features both an electric and a diesel-electric drive, which means that it can be used on both electrified and non-electrified railway lines, which is an optimal solution for Turkey. The locomotives run electrically, either powered via 25 KV overhead catenary or by a low emission high performance EN stage diesel engine on non-electrified lines.
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The financing for the 5 locs consists of a long-term export credit amounting to EUR 39 million covered by the Swiss Export Risk Insurance SERV. The German KfW IPEX-Bank is acting as lender.
On behalf of Stadler, AIL acted as financial advisor to the transaction and advised and supported all parties involved in the structuring of the financing as well as, in particular, in the application and approval process of SERV. SERV's credit insurance enabled Arkas to obtain a financing with a long-term duration and at an attractive interest margin, which were essential elements for the realization of the project.