Mossend International Railfreight Park secures seven-figure funding package from Barclays
Peter D Stirling, the operator of Mossend International Railfreight Park (MIRP), has secured a seven-figure funding package from Barclays.
The funding, which includes a UK government-backed CBILS loan as part of the overall offering from the bank, will support working capital and provide capital expenditure to expand the current rail terminal and install an additional rail track.
The zero-carbon, multimodal rail freight park located in Lanarkshire is Scotland’s largest and there are plans to establish the country’s first 775-metre electric rail terminal.
MIRP has ambitions to expand the already established rail logistics operation at Mossend to provide a further 2.2 million square feet of low carbon, 24/7 distribution, logistics and manufacturing space. It is estimated that the new terminal development will be able to handle up to 16 electric freight trains per day and transfer over 16 million tonnes of goods each year thanks to its state-of-the-art, zero-carbon facilities.
Aligning closely with the Scottish Government’s target to achieve net zero emissions by 2045, MIRP is one of ten projects forming the Scottish Government’s Green Investment Portfolio, launched in September.
David Stirling, director of Mossend International Railfreight Park operator, Peter D Stirling Ltd, said: “The support from Barclays has been invaluable and this funding allows us to invest in our current infrastructure and expand our rail terminal. As a result, we will be able to meet increased demand and improve our operational efficiency.
“In the longer term, our plans for our new MIRP terminal will offer access to zero-carbon supply chain logistics via electric rail. By co-locating distribution space with rail terminal facilities, carbon emissions are reduced by 80% for every tonne of freight moved by rail. Our 775-metre electric rail terminal will be able to handle longer trains, carry three times more goods per journey, taking the equivalent of 90 long-distance HGVs off the roads.”
Andy Hall, head of corporate banking, Central Scotland at Barclays, added: “Decarbonisation of transport is a hugely important issue, particularly given Scotland’s ambitious net-zero targets and the focus on a green recovery from COVID-19. As the operator of MIRP, Peter D Stirling is developing practical solutions to improve Scotland’s logistics network, using advanced infrastructure and championing zero-carbon facilities.
“Our support is playing a part in what is set to be an exciting future for this company which is offering carbon saving opportunities across the supply chain.”