Indian Railway Finance Corporation (IRFC) has signed a ₹4,200 crore Term Loan Agreement with Damodar Valley Corporation (DVC) to finance renewable energy projects across Jharkhand and West Bengal. The financing will support the development of multiple clean energy projects, including floating solar, ground-mounted solar, rooftop solar and Battery Energy Storage System (BESS) projects.
The agreement is aimed at supporting the expansion of renewable energy infrastructure and meeting the growing clean energy requirements of the railway ecosystem. The projects financed under the arrangement will cover different renewable energy technologies, enabling the development of solar generation capacity along with energy storage infrastructure.
The financing will include floating solar projects, which involve solar installations on water bodies, as well as ground-mounted and rooftop solar projects. Alongside solar generation, the agreement will support BESS projects designed to provide energy storage capabilities and help integrate renewable power into the electricity system.
The initiative also aligns with the broader clean energy transition within the Indian railway ecosystem. Indian Railways has set a target of achieving Net Zero Carbon Emissions by 2030, increasing the importance of renewable power generation and energy storage infrastructure for meeting its future electricity requirements.
IRFC CMD Shri Manoj Dubey said that with Indian Railways targeting Net Zero Carbon Emissions by 2030, investments in renewable energy and energy storage would play an increasingly important role in building a sustainable infrastructure ecosystem.
The ₹4,200 crore financing arrangement between IRFC and DVC represents a significant investment in renewable energy infrastructure in eastern India. By covering multiple solar project configurations and BESS facilities, the financing framework is expected to support the deployment of a diversified clean energy portfolio across Jharkhand and West Bengal.
The agreement also strengthens the role of financing institutions in supporting renewable energy development and energy storage projects linked to large infrastructure requirements. The combination of solar generation and BESS infrastructure can support the increasing integration of renewable electricity into the power system while addressing the evolving energy needs of the railway ecosystem.
The projects financed through the agreement form part of the wider effort to expand clean energy capacity and support the transition towards lower-carbon infrastructure. The financing of floating, ground-mounted and rooftop solar projects, together with battery storage, provides a broad project mix for renewable energy deployment across the two states.
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