Indian Railway Finance Corporation and REMCL, a JV of Ministry of Railways & RITES, facilitating power procurement for Indian Railways, have signed a Memorandum of Understanding (MoU) to collaborate on financing Renewable Energy (RE) projects awarded by REMCL for supply to Indian Railways. The partnership also extends to exploring financing options for Thermal, Nuclear, and Renewable power projects established under a
Captive model through joint ventures involving Indian Railways and other entities.
This MoU sets the foundation for cooperation between IRFC and REMCL to advance Indian Railways' goal of minimizing reliance on fossil fuels and achieving net-zero carbon emissions by 2030. The collaboration aims to harness renewable energy sources for the railway sector. Under the MOU,
REMCL will provide its expertise in procuring economical conventional/Renewable power for Railways including conducting of Bidding process for setting up Renewable Energy (RE) Projects in
the power sector, while IRFC will offer its financial acumen, including project appraisal and fundraising capabilities.