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IRFC signs an MoU with REMCL to finance renewable energy projects for Indian Railways.

MOUs and Agreement | Dated: 07 Jan 2025

On January 3, 2025, the Indian Railway Finance Corporation Limited (IRFC) signed a Memorandum of Understanding (MoU) with Railway Energy Management Company Limited (REMCL), a Joint Venture (JV) between the Ministry of Railways (MoR) and Rail India Technical and Economic Service (RITES). The purpose of the MoU is to help finance Renewable Energy (RE) projects developed by REMCL to supply power to Indian Railways (IR).

🎯 Key Highlights:

  • - The MoU sets up a framework for cooperation between IRFC and REMCL to assist Indian Railways in reducing its reliance on fossil fuels and achieving net-zero carbon emissions by 2030.

💡 Other Important Facts:

  • (i) The partnership will also explore funding opportunities for thermal, nuclear, and renewable energy projects established under a captive model, through joint ventures between IR and other partners.
  • (ii) As per the MoU, REMCL will support Indian Railways by sourcing affordable conventional and renewable energy and managing the bidding process for RE projects. Meanwhile, IRFC will handle project evaluation and fundraising.

📚 Test Your Knowledge:

Which organization recently signed an MoU with REMCL to finance renewable energy projects for Indian Railways?

Correct Answer: IRFC

🚀 Quick Recap: