Copenhagen, 30 March 2026 – AIP Management, a specialist investor in energy and decarbonisation infrastructure, has signed an agreement to acquire an additional stake in XLT Cross London Trains (“XLT”). AIP first invested in XLT in 2022, complementing its 2020 investment in Agility Trains East and underlining the firm’s broader commitment to UK electrified rail infrastructure.
XLT owns and operates a fleet of 115 Siemens Desiro City Class 700 electric trains on the Thameslink passenger rail route. This is one of the UK’s most important transport corridors, covering the North-South London commuter axis and serving major hubs including St Pancras International, Gatwick Airport, and Luton Airport.
The investment benefits from a long-term lease structure, providing an availability-based income stream. Furthermore, there is a long-term maintenance agreement in place with Siemens. The Class 700 fleet deployed on the route is fully operational, bespoke to the route’s infrastructure and has demonstrated a strong operational track record.
Electrified rail transportation forms part of end-use decarbonisation, one of AIP’s core investment sectors. Rail is among the most environmentally efficient modes of transport, supporting the transition towards more sustainable mobility. The Govia Thameslink Railway transport close to 300 million passengers annually on the Thameslink route. XLT is fully electric trains and regenerative braking technology return approximately 23% of consumed power back to the grid, improving overall energy efficiency.
“XLT represents the type of resilient, core infrastructure asset we seek to invest in”, said Mads Lerche Holstein, Partner at AIP. “By increasing our ownership, we are further investing in a well-performing asset with long-term availability-based revenues and strong downside protection. Electrified rail transport plays an important role in reducing emissions in the transport sector, and we are pleased to continue supporting infrastructure that enables more sustainable mobility.”
Completion of the acquisition is expected during the first half of 2026, subject to customary third-party consents.
About AIP Management
AIP specialises in decarbonisation and energy infrastructure investments that facilitate the energy transition in Europe and North America. Our team comprises 80 professionals with extensive expertise in investments and energy working from Copenhagen, London, Madrid, and New York. To date, AIP has invested over €8 billion in infrastructure assets. This includes renewable energy assets with a capacity of approximately 9 GW. Once fully operational, AIP’s investments will contribute to avoiding close to 18 million tons of greenhouse gasses and support about 9 million households with renewable electricity. AIP is part of Storebrand, a Nordic financial group, which owns 60% of AIP.
For more information, visit: aipmanagement.dk
For further information, please contact:
Jack Sheppard, Brackendale Consulting
+44 7517 778219
jack@brackendaleconsulting.com
Cerys Davey, Brackendale Consulting
+44 7826 421495