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Equity Participation for the development of High-Speed Railway Project in Texas, United States
Supporting Export of Japan's Shinkansen System

  • Region: North America
  • Infrastructures
  • Equity Participations
September 10, 2018
  1. The Japan Bank for International Cooperation (JBIC, Governor: Tadashi Maeda) signed an agreement on August 31, 2018, to create a special purpose vehicle (SPV),*1 Japan Texas High-Speed Railway Cayman LP (JTHSR), that makes a loan for the development of a high-speed railway project (the Project) connecting Dallas and Houston, State of Texas, United States.
      
  2. JTHSR has been established to provide financial support in the form of a loan for the development of the Project. Through the investment to JTHSR, JBIC and the Japan Overseas Infrastructure Investment Corporation for Transport & Urban Development (JOIN) provide a loan amounting up to USD300 million to Texas Central Rail Holdings, LLC in the United States. The Project will use Japan's high-speed railway technology based on the Tokaido Shinkansen system owned and operated by the Central Japan Railway Company. JBIC is supporting the development of the Project by making a joint investment in JTHSR with JOIN.
      
  3. In its "Export Strategy for Infrastructure System" revised in June 2018, the Japanese government emphasizes that railway transport is an important sector in which to promote the export of Japanese infrastructure technology. The Project is positioned as a key project that utilizes Japan's advanced technology in the United States, where infrastructure improvement is a prioritized governmental policy. By strengthening support for exporting Japan's Shinkansen system to the United States, this  financing is expected to contribute to maintaining and increasing the international competitiveness of Japanese companies.
      
  4. As Japan's policy-based financial institution, JBIC will continue to support Japanese industries in maintaining and strengthening their international competitiveness by drawing on its various financial facilities and tools for structuring projects, including its function of equity participation, and performing its risk-assuming function.
      
Note
  1. *1 
    A special purpose vehicle (SPV) is an entity created in a financial structure to achieve a particular purpose. In the scheme of this project, JTHSR is an entity that specializes in providing the financing necessary for the project.

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