Damodar Valley Corporation secured a ₹4,200 crore term loan agreement with the Indian Railway Finance Corporation to finance extensive renewable energy and battery storage projects across Jharkhand and West Bengal, supporting Indian Railways in achieving its net-zero carbon emissions goal by 2030.
Damodar Valley Corporation and IRFC Finalize ₹4,200 Crore Clean Energy Financing
Senior executives met in New Delhi to expand infrastructure financing into the clean energy sector.
The financing framework bridges traditional railway funding mechanisms with regional power generation assets located across West Bengal and Jharkhand. Manish Kumar, Member for Finance at Damodar Valley Corporation, joined IRFC Chairman and Managing Director Manoj Kumar Dubey in finalizing the agreement in the capital.
Solar and Battery Storage Projects Target Eastern India
The newly funded portfolio supports DVC’s portfolio of floating solar, ground-mounted solar, rooftop solar and Battery Energy Storage System (BESS) projects. By deploying these installations across existing corporate assets, the initiative maximizes the utility of land parcels, water reservoirs, and established transmission grids already managed by the power corporation in eastern India.
Pace Digitek secured a ₹702-crore engineering, procurement, construction, and operations order for a 250 MW / 500 MWh battery energy storage system located at Maithon in Jharkhand. Concurrently, Oriana Power landed purchase orders for a 234 MW grid-tied floating solar photovoltaic project situated at the Maithon Dam reservoir.
Railway Financing Arm Expands Into Clean Power
For the federal railway financing arm, the agreement signals an intentional evolution toward diversified infrastructure investments while keeping core transit priorities intact.
The transaction reflects a calibrated move by the institution into infrastructure segments that share strong strategic links with national development priorities while maintaining strong linkages with the railway ecosystem.
Dubey further emphasized the practical operational impact of the arrangement for the national carrier’s power demands.
The capital injection aligns directly with regional expansion plans by Damodar Valley Corporation, which intends to scale up its generation footprint to build a 4,000 MW solar project, alongside expanded battery storage facilities and pumped hydro storage infrastructure across eastern India.
Additional industrial announcements in the infrastructure sector further illustrate active green power developments, including Bondada Engineering securing domestic orders valued at Rs. 1.47 billion, which include clean energy and telecom assignments handled through subsidiaries like Bondada Green Engineering.
