Supporting the first French independent fast and low-carbon intercity rail service operator in France

French rail: a changing landscape

Rail transport faces numerous challenges. It is currently on a path towards more sustainable mobility as the necessity of clean mobility increases and the public demand for environmentally friendly transport grows. At the same time, new consumer behaviours and changing lifestyles are at stake. Trends such as home office, the blurring of the line between business and leisure, or the demand for better on-board connectivity and services are forcing rail operators to rethink the travel experience they offer.

In France, these trends have led to a steady increase in intercity mobility over the past decade. High-speed trains’ occupancy rates are at an all-time high, as the French have adopted this mode of transport as the best response to the changes in their lives and concerns.

Since 2019, both regional and high-speed lines have been gradually opened to competition. The latter can now be operated by any operator anywhere in France. To date, two new operators have entered the market: Italy's Trenitalia, with a Paris-Milan line in 2021, and Spain's Renfe, with Madrid-Marseille and Barcelona-Lyon services in 2024.

Boosting the offering of fast, low-carbon, inter-urban rail travel in France

It is now Proxima's turn to join the game on the French rail network. Founded by Rachel Picard and Tim Jackson, two highly experienced and respected leaders in the railway world, together with Antin Infrastructure Partners, this new player was announced in June 2024. Proxima is the first French independent high-speed rail company in the country. It aims to reinvent the experience for its various customer segments, responding to new needs and reflecting evolutions in everyday life. It will offer more than 10 million new seats per year. The first commercial service is scheduled for 2028.

Proxima will initially connect four important destinations in the west of France (Bordeaux, Nantes, Rennes, and Angers) with Paris. These routes have demonstrated particularly strong demand in recent years, driven by dynamic economic and business trends, as well as leisure travel and demographic growth in these regions. For its fleet and maintenance, Proxima has opted for partnerships with industrial companies based in the French regions. Proxima will use Avelia Horizon trains, the latest generation of high-speed trains from Alstom. With greater capacity, more personalised comfort and design, and lower energy consumption, the Avelia Horizon is the only double-decker train in the world capable of travelling at speeds in excess of 300 km/h. Proxima has also reached an agreement with Lisea, the concessionaire of the transatlantic high-speed line, for the use by Proxima and Alstom of its new maintenance and storage depot to be built in Marcheprime, near Bordeaux.

Societe Generale acted as Global Coordinator and Mandated Lead Arranger to the €492M project financing of Proxima’s high-speed trains connecting West of France to Paris. This operation demonstrates the Bank's support for the development of decarbonised mobility and, more generally, for projects that promote positive change in the world.