IRFC Signs Rs 4,200 Crore DVC Loan, Renewable Energy Push Deepens
IRFC signs a Rs 4,200 crore loan agreement with DVC to fund solar and battery storage projects across Jharkhand and West Bengal, strengthening its clean energy push.
IRFC signs a Rs 4,200 crore loan agreement with DVC to fund solar and battery storage projects. |
New Delhi: Indian Railway Finance Corporation (IRFC) has signed a Rs 4,200 crore term loan agreement with Damodar Valley Corporation (DVC) to finance renewable energy projects across Jharkhand and West Bengal.
The deal marks another step in the Navratna public sector enterprise’s diversification beyond its traditional railway financing business, while retaining links with the broader railway ecosystem.
Solar And Storage Projects
The financing will support DVC’s portfolio of floating solar, ground-mounted solar and rooftop solar projects, along with Battery Energy Storage System (BESS) facilities.
DVC plans to leverage its existing land, reservoirs and transmission infrastructure for these projects, according to the company release.
The agreement was signed in New Delhi in the presence of senior officials from both organisations, including DVC Member (Finance) Manish Kumar and IRFC Chairman and Managing Director Manoj Kumar Dubey.
Net Zero Link
IRFC said the financing strengthens its role as a long-term funding partner for railway-linked clean energy infrastructure and supports Indian Railways’ target of achieving Net Zero Carbon Emissions by 2030.
Dubey said renewable energy has moved to the core of Indian Railways’ Net Zero journey, describing the Rs 4,200 crore financing as part of “IRFC 2.0” and its strategic diversification strategy.
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The company said the transaction extends its long-term financing capabilities into clean energy infrastructure while complementing its core railway financing mandate.
Portfolio Expands
IRFC’s expanding financing portfolio now covers renewable energy, power, metro rail, logistics and other infrastructure segments linked to national development priorities.
The company is the dedicated market borrowing arm of Indian Railways and provides funding for railway expansion, modernisation and strategic infrastructure development. It is also expanding into sectors having forward and backward linkages with the railway ecosystem.
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