Poland’s Centralny Port Komunikacyjny (CPK) selected EY through a procurement process, to prepare a business plan and a private investor test for the CPK rolling stock company, which will provide trains to organisers and operators along with rolling stock management services. In addition, the contract with EY also includes an optional provision for the preparation of an investment memorandum for a potential capital partner.
EY will conduct an analysis of the European passenger rolling stock rental market and propose the best solutions for implementation in the CPK rolling stock company. EY is committed to providing expert knowledge on the functioning of ROSCOs (Rolling Stock Operating Companies) and carrying out detailed market analyses, including rental rates for passenger rolling stock and potential revenue streams. The scope of work also includes updating the financial model provided by CPK.
The selection of an advisor is “is a crucial step in the preparations for the future operation of CPK railway lines. The purchase of trains and the management of rolling stock are essential for servicing the planned High-Speed Rail (HSR) lines,” Maciej Lasek, Deputy Minister of Infrastructure and government plenipotentiary for CPK, said.
The high entry barrier for potential operators in purchasing high-speed trains, combined with relatively low margins, meant there was no guarantee that operators would be ready to supply rolling stock by 2032. This led to the decision to establish a rolling stock fleet.
“The rolling stock purchases for the CPK-planned HSR lines will be conducted in a thoughtful and comprehensive manner, based on the identified needs of interested entities. Financing the purchase through the CPK rolling stock company reduces investment risks for organisers and operators, who will receive modern vehicles tailored to the required standards for servicing new railway lines in exchange for periodic leasing fees,” Filip Czernicki, CEO of CPK, said.
CPK is working on updating the train procurement schedule, including specifying the number of units required per year and aligning procurement plans with CPK’s railway construction schedule. The updated plan includes launching the HSR line between Warsaw, CPK, and Łódź in 2032, with extensions to Wrocław and Poznań by 2035. “Our goal is to ensure rolling stock is available for the new infrastructure” and its acquisition programme “will be coordinated with those of other companies, including PKP Intercity,” said Piotr Rachwalski, CPK Board Member for Railway Investments.
PLN 8.7 billion (EUR 2.1 billion) is the estimated value of the investment in the train fleet, of which PLN 1.7 billion (EUR 408.3 million) will come from bond issuance, with the remainder financed through commercial capital and debt funding.
CPK will acquire trains in three categories:
- InterCity services operating at maximum speed of up to 300 km/h on ther inter-agglomeration connections.
- Aero Express services operating at maximum speed 200 km/h. This dual-system conventional rolling stock will have interiors adapted for airport passengers, serving connections between Warsaw, Łódź, and CPK.
- InterRegio services operating at maximum speed 200 km/h. This dual-system conventional rolling stock is designed for interregional connections, catering to interested regional authorities and their operators.
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