REMC and IRFC Sign MoU to Finance Power Projects for Indian Railways

Railway Energy Management Company (REMC), a joint venture between RITES and Indian Railways, has signed a Memorandum of Understanding (MoU) with the Indian Railway Finance Corporation (IRFC) to explore financing options for power projects supplying energy to the Railways.

As per the MoU, the two parties will collaborate on various aspects including transaction advisory, project management services, DPR (Detailed Project Report) reviews, and consultancy services related to financing power projects linked to the Railways, excluding those awarded by REMC. The partnership aims to facilitate financing for thermal, nuclear, and renewable power projects developed under the captive model through joint ventures between Indian Railways and other entities.

The MoU also emphasizes leveraging the strengths and expertise of both REMC and IRFC to ensure smooth project execution, combining their resources for effective power management and generation.

REMC, with a 51% stake held by RITES and the remainder by Indian Railways, handles power procurement for Indian Railways under the open access system and manages renewable energy and energy-efficiency projects.

ET