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03 Jun 2021

Aberdeen Standard Investments’ (ASI) Qtectic co-investment to deliver Queenland’s New Generation Rollingstock (NGR) Project has become the second public private partnership project in Australia to use internationally certified green financing.

The AU$620 million transaction follows the recent AU$280 million refinancing of ASI’s Canberra Metro investment for Canberra’s 12 kilometre integrated electric light rail system.

Qtecitc is owned by a consortium which includes Aberdeen Standard Investments, John Laing, Itochu Corporation and Alstom.

The green loan was structured in accordance with the Green Loan Principles, 2020 issued by the Asia Pacific Loan Market Association and achieved certification under the Climate Bond Initiative under the Low Carbon Transport Criteria. The project aligns with the criteria through its commitment to offer low-carbon, emissions-free sustainable transport to the South East Queensland commuter network.

Bill Haughey, Head of Infrastructure Investment and Asset Management – Australia and New Zealand at Aberdeen Standard Investments said ASI was proud to be involved in the project. “Not only does the Qtectic rollingstock fleet improve the quality and efficiency of passenger rail transport in South East Queensland, but it directly contributes to the reduction of carbon emissions in Queensland. Climate change is a central concern for investors, and we are pleased to deliver another strong green infrastructure project to meet this demand.”

Qtectic Chief Executive Michael Chadwick said, “Qtectic is proud to announce that today it has refinanced the AU$620 million debt facility with a Green Loan with Climate Bond Initiative certification under the Low Carbon Transport Criteria with a syndicate of local and international banks. The NGR Project assists the Queensland Government’s commitment to provide transport solutions and achieve its net zero emission target by 2050.”

In obtaining the green loan, Qtectic was assisted by advisers Macquarie Capital and Sustainalytics, and its banks including ANZ, CBA, CIBC, NAB, MUFG, Mizuho, SMBC and Société Générale.


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