Aberdeen Standard Investments’ infrastructure debt team is invested £40m (€44.4m) into a Welsh railway franchise to help fund new trains.

The loan was given to the Wales and Borders rail franchise for essential upgrades to its rolling stock.

Aberdeen Standard Investments said the finance was provided on behalf of the its clients, including Phoenix Group, and its diversified private credit fund, the Secure Income & Cashflow Fund.

The investment will provide investors with a reliable income stream until 2048, helping them meet their future liabilities, Aberdeen Standard said.

Jeremy Allcock, the head of infrastructure debt at Aberdeen Standard Investments, said: “This investment offers our clients access to long term economic drivers and cash flows which are unlikely to be impacted by typical economic cycles, and which deliver good investment returns.

“Moreover, the investment delivers for the Welsh regions as they will experience enhanced social connectivity and a better all-round train travel experience.”