Spain's Renfe departs from Texas rail project
Why it matters: The departure is another setback for the project, which hasn't started construction amid eminent domain challenges, investor changes and federal funding cuts.
Flashback: Texas Central Railway in 2018 named Renfe, with routes covering about 9,300 miles in Spain, as an early operator for Texas' future bullet train.
Central Japan Railway was chosen to provide the technology.
The latest: In April, the U.S. Department of Transportation ended a $64 million grant to Amtrak for the rail project, saying the project is "a waste of taxpayer funds."
A Fort Worth-based company joined the project as a lead private investor.
But Renfe has liquidated its American subsidiary that was part of the Texas train project, writing off 4.5 million euros in losses, per the Spanish newspaper El Economista.
The intrigue: The 240-mile route would get travelers from Dallas to Houston within 90 minutes, per Texas Central. The project is estimated to generate billions of dollars in revenue.
Between the lines: Renfe's closure of its American subsidiary indicates the company isn't expecting any returns from the project, El Economista reports.
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