Herbert Smith Freehills advises DAL Deutsche Anlagen-Leasing on leasing transaction for hydrogen trains with DB RegioNetz and green financing with BayernLB

Herbert Smith Freehills has advised DAL Deutsche Anlagen-Leasing GmbH & Co. KG (DAL) on a leasing transaction for three state-of-the-art local trains with emission-free fuel cell propulsion for the regional rail network “Linienstern Mühldorf 2025+” and the related green financing with Bayerische Landesbank (BayernLB).

The project is structured as a leasing model in which the Siemens Mireo Plus H hydrogen multiple units are leased by an SPV of DAL on a long-term basis to DB RegioNetz Verkehrs GmbH, a subsidiary of DB Regio AG, which is part of Deutsche Bahn AG. The Siemens trains will be deployed in the “Linienstern Mühldorf“ from December 2026 on the RB 42 Mühldorf – Burghausen line. For the first time, DAL structured the financing of “HEMUs” - Hydrogen Electric Multiple Units - for a subsidiary of its long-standing business partner DB Regio AG.

DAL is a subsidiary of Deutsche Leasing AG, the largest manufacturer-independent leasing company in Germany. With a transaction volume of over EUR 2.4 billion per year, the company is one of the leading specialists for the realisation of large-volume, asset-based investment projects. 

Herbert Smith Freehills regularly advises DAL on leasing transactions in the rail transport sector, most recently on a leasing transaction with DB Regio for 19 electric traction units for the MoselLux railway network and on green financing with BayernLB.

The team advising DAL Deutsche Anlagen-Leasing consisted of counsel Hannes Jacobi and partner Kai Liebrich.