California High-Speed Rail private consortium Momentum Alliance Partners could help finance and develop future parts of the state’s high-speed rail system outside the Central Valley.

California High-Speed Rail consortium identified
Photo: State of California

CEO Ian Choudri told the authority’s board that the California High-Speed Rail Authority intends to award a co-development agreement to Momentum Alliance Partners⁠ by the end of June. The group brings together infrastructure investors, engineering companies and rail operators from several countries.

According to Choudri, the level of private-sector interest shows that companies are prepared to take part in the programme, even though questions had previously been raised about whether investors would become involved.

California High-Speed Rail private consortium and funding model

The planned arrangement follows a delivery model earlier presented by the Authority⁠. Under that approach, private capital could help design and build sections of the railway faster than would be possible with public funding alone. The investors would then operate and maintain the infrastructure, with repayment coming from public funding and, over time, revenue from passenger services and commercial activity linked to the rail system.

At the board meeting, Choudri said comparable financing structures have already been used in Japan, Italy, Spain and France.

Choudri became chief executive of the authority in 2024 and has supported the use of financing methods common in countries with established high-speed rail networks. He has also said in the past that attracting private investment depended on California maintaining a long-term funding commitment.

In 2025, state lawmakers approved 1 billion USD in annual funding⁠ for the high-speed rail programme through 2045. As a result, the project’s available public funding rose to 39.3 billion USD.

Momentum Alliance Partners includes eight companies

Momentum Alliance Partners consists of eight companies. Plenary is an Australian infrastructure investment and development company. CDPQ Infra is an infrastructure development business owned by La Caisse, the Canadian public pension fund manager. SNCF Voyageurs is a rail operator and part of France’s state-owned SNCF Group. Jacobs is an engineering and development company headquartered in Dallas, Texas.

The consortium also includes Keolis, a public transport operator partly owned by SNCF and La Caisse; Steer, an international consultancy focused on infrastructure and transport services; Sener, a Spanish engineering and technology company; and Systra, an engineering and consulting firm active in high-speed rail design projects worldwide.

Co-development agreement to run for 30 months

Choudri said the co-development agreement would last 30 months and include three phases. During the first phase, the authority expects to spend between 9 million USD and 10 million USD.

Choudri said the partnership would focus on identifying investment opportunities and exploring ways to generate value from railway-related assets before the full network is completed.

Construction on the California High-Speed Rail project is currently under way in the Central Valley. The authority continues to seek additional funding and delivery models as it works toward extending the system to other areas of California.

To engage further with the discussions surrounding the project, check out our recent podcast episode on California High-Speed Rail’s New Delivery Strategy.