Proxima, a French project led by its two co-founders, Rachel Picard and Tim Jackson, and backed by Antin Infrastructure Partners (‘Antin’) secures c. €492m funding.

As France’s first independent high-speed operator, train startup Proxima will provide more than 10 million seats a year responding to increasing demand for rail travel. Proxima fully electric trains will initially connect three important destinations in the west of France - Bordeaux, Nantes, Rennes - with Paris.

For the fleet and its maintenance, Proxima has signed an order with French manufacturer, Alstom, for 12 Avelia Horizon train sets – their latest energy-efficient, high-speed model that features compact power cars and articulated double-deck coaches to maximise passenger capacity. The train startup has also reached an agreement with Lisea, concessionaire of the South Europe Atlantic High-Speed Line, for Proxima and Alstom to use their new maintenance depot located south of Bordeaux.

Seeking financing for the procurement of these fully electric high-speed train sets for Proxima, Antin Infrastructure Partners approached NatWest Bank Europe (NWBE) to discuss participation in a €492m syndicated facility. NWBE agreed to take a hold of €45m.

Rachel Picard, General Director and co-founder of Proxima, commented: “Societal, climatic and territorial issues are at the core of our project. We want to help the French public take the train more, by offering them an alternative solution, which is easy, quick, and integrated into their new lifestyles. Thanks to Antin and our bank partners, we will have all the necessary resources to deliver this exciting project for the benefit of travellers.”

Tim Jackson, co-founder of Proxima, said: “We are happy to embark on this entrepreneurial adventure to build a robust and quality offer, and further accelerate the development of green mobility in France.”

Oliver Kelly, Structured Asset Finance NatWest Bank Europe GmbH: “We are delighted to support Antin Infrastructure Partners in their landmark high-speed fully electric train project, Proxima, providing a much-needed boost to capacity in France. We’re determined to continue supporting critical infrastructure and to play a part in accelerating Europe’s sustainability journey by providing £100 billion Climate and Sustainable Funding and Financing to customers by the end of 2025.”