IRFC signs Rs 4,200 crore loan agreement with DVC for renewable energy projects

New Delhi: Indian Railway Finance Corporation (IRFC) on Monday said that it 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.

Follow The PSUWatch Channel on WhatsApp

The financing will support DVC’s portfolio of floating solar, ground-mounted solar, rooftop solar and Battery Energy Storage System (BESS) projects, leveraging its existing land, reservoirs and transmission infrastructure.

The agreement was signed in New Delhi in the presence of senior officials from both organisations, including Manish Kumar, Member (Finance), DVC, and Manoj Kumar Dubey, Chairman and Managing Director, IRFC.

The transaction marks a step in IRFC’s diversification into clean energy infrastructure while leveraging its established capabilities in providing long-term financing. The company said the financing remains aligned with the broader railway ecosystem and the clean energy requirements associated with Indian Railways.

“Renewable energy is no longer peripheral to the Railways; it is at the core of Indian Railways’ journey towards Net Zero Carbon Emissions by 2030. Through this Rs 4,200 crore financing to DVC, IRFC is extending its long-term financing capability to the clean energy infrastructure that will power India’s future,” Dubey said.

Follow PSU Watch on LinkedIN

“This is IRFC 2.0 in action—strategic diversification that remains firmly connected to the Railways ecosystem and to the nation’s larger development priorities,” he added.

Dubey said the partnership with DVC demonstrates IRFC’s ability to provide long-term capital for renewable energy infrastructure supporting the Railways’ growing energy requirements and contributing to a sustainable energy ecosystem.

The DVC transaction is part of IRFC’s calibrated diversification into strategic infrastructure sectors linked to the railway ecosystem. The company’s expanding financing portfolio includes renewable energy, power, metro rail, logistics and other infrastructure sectors aligned with national development priorities.

(PSU Watch is India's Business News centre that places the spotlight on PSUs, Bureaucracy, Defence and Public Policy. 👉 Click to join our channel now: PSUWatch WhatsApp Channel. Prefer LinkedIn? Follow PSU Watch on LinkedIN. Click to stay connected on Twitter here and stay connected)