KKR and Green Mobility Partners Join Forces to Build a Scaled European Rail Leasing Platform
Green Mobility Partners (“GMP”), a Vienna-headquartered electric locomotive leasing specialist, has entered into a strategic partnership with global investment firm KKR to establish a scaled, pan-European rail leasing platform aimed at accelerating the modernisation and decarbonisation of Europe’s rail network. The partnership reflects growing investor and operator focus on electrification, sustainable transport infrastructure, and the urgent need to replace ageing rail assets across the continent.
Under the agreement, KKR will acquire a majority stake in GMP, providing both growth capital and strategic expertise to support the rapid expansion of the company’s locomotive fleet and operational footprint. The transaction positions GMP to play a central role in Europe’s transition away from diesel-powered rail transport while addressing capacity constraints faced by freight and passenger rail operators.
Addressing Europe’s Rail Modernisation Challenge
Rail plays a critical role in Europe’s transport system, supporting both economic growth and climate objectives. However, much of the continent’s rail infrastructure and rolling stock remains outdated, with a significant portion of locomotives still reliant on diesel power. This reliance presents operational inefficiencies, rising maintenance costs, and mounting regulatory pressure as governments push to meet ambitious decarbonisation targets.
The European Union has identified rail as a cornerstone of its Green Deal and Fit for 55 initiatives, with electrification, interoperability, and fleet renewal central to achieving emissions reductions. Despite this policy support, many operators face financial and operational barriers to modernising their fleets. High upfront capital requirements, long asset lifecycles, and fragmented rail markets have slowed the pace of transition.
Against this backdrop, leasing models have emerged as a compelling solution. By enabling operators to access modern electric locomotives without the burden of ownership, leasing platforms such as GMP provide flexibility, scalability, and faster adoption of cleaner technologies.
Green Mobility Partners: A Focused Electrification Platform
Founded in 2024 by rail industry veteran Christoph Katzensteiner, Green Mobility Partners was established to address precisely these challenges. GMP operates as a pure-play electric locomotive leasing company, serving both freight and passenger rail operators across Continental Europe.
The company has adopted a focused strategy, exclusively leasing Siemens Vectron electric locomotives. The Vectron platform is widely regarded as one of the most advanced and interoperable electric locomotive families in Europe, capable of operating across multiple countries and rail systems. This interoperability is particularly valuable in Europe’s cross-border rail market, where technical and regulatory differences have historically limited efficiency.
By concentrating on a single, proven locomotive platform, GMP benefits from operational simplicity, predictable maintenance profiles, and strong demand from operators seeking reliable, future-proof assets. Since its launch, the company has built strong relationships with rail operators, manufacturers, and service providers, positioning it for accelerated growth.
Scaling Through Capital and Strategic Support
The partnership with KKR marks a significant inflection point for GMP. With KKR acquiring a majority stake, the company gains access to substantial capital resources and infrastructure investment expertise, enabling it to scale at a pace that would be difficult to achieve independently.
The investment will support the expansion of GMP’s locomotive fleet through organic growth as well as potential strategic acquisitions. By consolidating assets and platforms, GMP aims to build a leading European rail leasing business capable of serving large, multinational operators while maintaining flexibility for regional players.
Beyond capital, KKR brings deep experience in building and scaling infrastructure platforms across regulated and capital-intensive sectors. This includes operational optimisation, governance, risk management, and long-term value creation—capabilities that are particularly relevant in the rail industry.
The partnership also reflects a shared long-term vision. Rail assets are characterised by long lifecycles and stable, contract-backed cash flows, making them well suited to infrastructure investment strategies focused on durability and sustainability.
Leadership Perspectives
Commenting on the transaction, Christoph Katzensteiner, Founder and Chief Executive Officer of Green Mobility Partners, emphasised the strategic importance of the partnership.
“Europe’s rail infrastructure requires substantial investment and modernisation to meet its decarbonisation goals,” he said. “Partnering with KKR allows us to accelerate our mission of providing flexible, sustainable locomotive solutions to rail operators across Europe. With KKR’s support and our established relationships within the industry, GMP is well positioned to build a leading European rail leasing platform and support the transition to a low-carbon transport system.”
Vincent Policard, Co-Head of European Infrastructure at KKR, highlighted the alignment between GMP’s business model and KKR’s investment strategy.
“Rail is at a pivotal moment in Europe,” Policard noted. “An ageing fleet, increasing demand for rail freight and passenger services, and ambitious climate targets are driving the need for modern, electric rolling stock. Christoph has built a platform that combines a resilient, contract-backed model with strong secular tailwinds. By leveraging our global infrastructure expertise and providing flexible capital solutions, we see a compelling opportunity to support GMP’s growth while contributing to Europe’s sustainable transport infrastructure.”
Strong Tailwinds for Rail Leasing
The investment thesis underpinning the GMP-KKR partnership is supported by multiple structural trends. Freight volumes are increasingly shifting from road to rail as policymakers seek to reduce congestion and emissions. Passenger rail is also experiencing renewed momentum, driven by urbanisation, high-speed rail expansion, and growing consumer preference for lower-carbon travel options.
At the same time, regulatory pressure on diesel locomotives is intensifying. Emissions standards, carbon pricing mechanisms, and national electrification targets are accelerating the retirement of older rolling stock. Electric locomotives not only reduce emissions but also offer lower operating and maintenance costs over their lifecycle, improving economics for operators.
Leasing platforms allow operators to respond quickly to these trends without committing significant capital upfront. This flexibility is particularly attractive in a market characterised by fluctuating demand, cross-border complexity, and evolving regulations.
KKR’s Track Record in Decarbonisation and Infrastructure
KKR’s investment in GMP builds on its extensive experience in energy transition and infrastructure decarbonisation. Since 2011, KKR’s Infrastructure platform has committed more than $31 billion globally to renewable energy and transition-related investments, spanning electrification, clean transport, and sustainable infrastructure.
The firm has developed a strong track record in electrification through partnerships with established platforms such as Zenobē, which focuses on electric vehicle fleets and battery storage, and Dawsongroup, a provider of sustainable asset leasing solutions. These investments reflect KKR’s broader strategy of supporting assets and businesses that enable the transition to a low-carbon economy while delivering stable, long-term returns.
KKR’s approach combines capital deployment with active ownership, supporting management teams to scale operations, optimise performance, and navigate complex regulatory environments.
Commitment to the DACH Region and European Infrastructure
The GMP transaction also underscores KKR’s long-standing commitment to the DACH region—Germany, Austria, and Switzerland—which remains a core focus for the firm’s European infrastructure strategy. Since 1999, KKR has invested approximately €20 billion in equity across more than 40 companies in the region, with a significant portion of these investments made in partnership with founders and family-owned businesses.
In infrastructure alone, KKR and its co-investors have committed over €10 billion to the DACH region in the past three years. This sustained investment reflects confidence in the region’s industrial base, regulatory stability, and renewed emphasis on infrastructure renewal.
Germany’s recent policy initiatives, including the establishment of special infrastructure funds, further reinforce the importance of private capital in modernising transport networks. Rail, in particular, is a strategic priority, given its role in freight logistics, passenger mobility, and emissions reduction.
Building a Pan-European Platform
Looking ahead, GMP aims to expand beyond its initial footprint to become a truly pan-European rail leasing platform. This includes increasing fleet size, expanding into additional markets, and potentially diversifying into complementary rolling stock segments over time.
The company’s focus on interoperability and long-term partnerships with operators positions it well to support cross-border rail services, which are expected to grow as Europe seeks to enhance connectivity and reduce reliance on road and air transport.
With KKR’s backing, GMP is expected to pursue selective mergers and acquisitions, consolidating assets and capabilities to create scale and operational efficiencies. This platform approach aligns with broader trends in infrastructure investment, where scale and diversification are increasingly important for managing risk and delivering consistent performance.
Advancing Europe’s Low-Carbon Transport Future
The partnership between Green Mobility Partners and KKR represents more than a financial transaction. It reflects a shared commitment to addressing one of Europe’s most pressing infrastructure challenges: modernising rail networks to meet the demands of a low-carbon future.
By combining GMP’s sector expertise and focused leasing model with KKR’s capital strength and infrastructure experience, the platform is well positioned to play a meaningful role in Europe’s rail electrification journey. As policymakers, operators, and investors increasingly align around sustainability objectives, platforms like GMP are set to become essential enablers of Europe’s transport transition.
In an environment defined by regulatory change, technological advancement, and climate urgency, the creation of a scaled European rail leasing platform marks a significant step toward a more efficient, resilient, and sustainable rail system across the continent.
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