Indian Railway Finance Corporation Limited (IRFC) has signed an MoU with Railway Energy Management Company Limited (REMCL) to finance renewable energy (RE) projects for the railway sector.
Jan 2, 2024
The Indian Railway Finance Corporation Limited (IRFC) has entered into a Memorandum of Understanding (MoU) with the Railway Energy Management Company Limited (REMCL), a joint venture of the Ministry of Railways (MoR) and RITES.
This collaboration aims to finance renewable energy (RE) projects awarded by REMCL to supply power to the Indian Railways.
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Under the agreement, IRFC will explore financing options for thermal, nuclear and renewable power projects developed under joint ventures involving the Indian Railways and other entities.
The MoU sets the foundation for cooperation between IRFC and REMCL to advance Indian Railways’ goal of minimising reliance on fossil fuels and achieving net-zero carbon emissions by 2030. The collaboration aims to harness renewable energy sources for the Railway sector.
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Under the MoU, REMCL will provide its expertise in procuring economical, conventional/renewable power for Railways.
For IRFC, the MoU marks a strategic step towards diversifying its business model while maintaining its critical role in the development of Indian Railways. The partnership aligns with the government’s vision of delivering world-class, efficient, and environmentally sustainable transportation solutions for the nation.
