Under diversification plan, IRCON set to foray into solar power sector

• According to the MoU, NIIFL and IRCON have agreed in principle to identify, bid and execute solar energy projects

• Through this collaboration, we are diversifying our business in the solar energy sector, said IRCON CMD while commenting on the MoU

New Delhi: IRCON International Limited, a Miniratna PSU under the Ministry of Railways, is now set to foray into the solar energy sector as it has signed an MoU with NIIFL (National Investment and Infrastructure Fund Limited) and Ayana Renewable Power Private Limited (AYANA), a NIIF platform company, on Monday. "IRCON has signed a Memorandum of Understanding (MOU) with National Investment and Infrastructure Fund Limited (NIIFL) and Ayana Renewable Power Private Limited (AYANA), a NIIF platform company, to explore and collaborate on opportunities in the solar energy sector," IRCON said.

IRCON will bid, execute solar energy projects through JV/consortium agreements

According to the MoU, NIIFL and IRCON will evaluate strategic partnerships across infrastructure projects and have agreed in principle to identify, bid and execute solar energy projects through joint ventures and consortium arrangements. "The partnership will further consider suitable opportunities for solar energy production for Indian Railways as they intend to increase the share of renewables in their overall energy mix. This collaboration will enable the execution of renewable energy projects at scale by utilising the complementary strengths of all partners," IRCON said.

Through this MoU, IRCON is diversifying its business: CMD

Commenting on the MoU, SK Chaudhary, Chairman & Managing Director of IRCON, said, "Through this collaboration, we are diversifying our business in the solar energy sector. Further, this collaboration is aligned with the government of India's policies on the renewable energy sector and we believe the solar energy sector has enormous opportunities. We hope our association with AYANA and NIIFL to explore projects in the solar energy sector will be rewarding to all stakeholders." 

Sujoy Bose, Managing Director & Chief Executive Officer, NIIFL, said, "We are pleased to partner with IRCON and AYANA to invest in suitable projects in the solar energy sector. Given the vast untapped potential of this sector and our focus on making sustainable investments, we are confident that through this partnership we will be able to develop solar projects at scale and through them bring further efficiency into the energy mix in India."