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Investing.com -- Portugal’s state-owned railway operator CP announced on Friday it will buy 117 self-propelled electric railcars from the French-Portuguese consortium Alstom/DST for €746 million ($871 million), marking its largest acquisition ever.
Infrastructure Minister Miguel Pinto Luz stated that "the government is betting on the railway" and emphasized that this purchase will address long-standing delays in modernizing CP’s fleet while improving service quality for the growing number of passengers.
The deal includes €118 million in co-financing from European funds and €212.5 million from the Portuguese Environment Fund, according to CP.
The first units are scheduled for delivery in 2029, which will allow "the renewal and modernisation of part of CP’s fleet and the reinforcement of its supply capacity," the railway operator said.
As part of the agreement, the consortium will also construct a rolling stock maintenance workshop in Matosinhos, a city in northern Portugal.
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