Clifford Chance advised Proxima on the launch of a new high-speed rail operator in France

Clifford Chance advised Proxima, the first independent high-speed train operator in France, on the conclusion of contracts for the supply and maintenance of its high-speed trains with Alstom, and on the financing of this investment.

This ambitious project is led by its two co-founders, Rachel Picard and Tim Jackson, fully backed and financed by Antin Infrastructure Partners, a leading private equity firm focused on infrastructure.

After having reached a significant first step by signing memoranda of understanding with Alstom and LISEA on 31 May 2024, Proxima has now concluded the contracts for the supply and maintenance of trains with Alstom, as well as the financing contracts with a consortium of major French and international lenders.

A firm order for 12 Avelia Horizon high-speed trains has been placed by Proxima, whose first deliveries are expected in 2028.

Proxima responds to the growing demand for high-speed and low-carbon rail transport and aims to strengthen the supply available to high-speed rail passengers in France, adding more than 10 million new seats per year.

Proxima will connect four major destinations in western France (Bordeaux, Angers/Nantes and Rennes) to Paris.

The first phase of Proxima’s development will involve an investment of around one billion euros, financed by Antin Infrastructure Partners and the consortium of lenders, which will enable the acquisition of rolling stock, the cost of operational start-up and working capital requirements.

The team was led in Paris by Gauthier Martin and Daniel Zerbib (partners), and included:

• On aspects related to project contracts and regulation: Clément Fricaudet, Benoit Offe, Pierre-Hubert Boissiere (associates), Rémy Lefebvre (counsel), Jérémy Guilbault, Adrien Albinet and Sara Helvig (associates), as well as Diego de Lammerville (partner) and Geoffroy Pascaud (counsel) of the Paris office; Paul Carrington (partner), Dominic Watts, Robert Allen-White and Dimitris Maroudas (associates) of the London office; and Christof Häfner (partner) of the Frankfurt office;
• On financing aspects: Chloé Desreumaux (partner), Nina Yoshida and Sophie Laporte (associates);
• On real estate: Alexandre Couturier (partner), Xavier Vaury, Apolline Coly and Eva Jaulin (associates);
• On corporate aspects: Clément Delaruelle and Jordan Amsellem (associates)