IRFC Extends INR 4,200 Cr Financing to DVC for Solar, BESS Projects
Indian Railway Finance Corporation has signed an INR 4,200 crore term loan agreement with Damodar Valley Corporation to finance floating, ground-mounted and rooftop solar projects and BESS across Jharkhand and West Bengal.
September 29, 2026. By Mrinmoy Dey
The financing will support floating solar, ground-mounted solar, rooftop solar and Battery Energy Storage System (BESS) projects, while contributing to the growing clean energy requirements of the railway ecosystem, stated IRFC.
Commenting on the development, Manoj Kumar Dubey, CMD, IRFC said, “With Indian Railways targeting Net Zero Carbon Emissions by 2030, investments in renewable energy and energy storage will play an increasingly important role in building a sustainable infrastructure ecosystem.”
Indian Railway Finance Corporation (IRFC) has announced that it has signed an INR 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 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, while contributing to the growing clean energy requirements of the railway ecosystem, stated IRFC.
Commenting on the development, Manoj Kumar Dubey, CMD, IRFC said, “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 INR 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. 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 further added, “This partnership with DVC demonstrates how IRFC can bring long-term capital to renewable energy infrastructure that supports the Railways' growing energy requirements while contributing to a greener, more sustainable and future-ready India.”
The transaction thus extends IRFC's financing capabilities into clean energy infrastructure that complements its core railway financing mandate, while supporting the broader transition towards a sustainable energy ecosystem. IRFC's expanding financing portfolio includes sectors such as renewable energy, power, metro rail, logistics and other infrastructure with strong linkages to national development priorities, stated IRFC.
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