The partnership will further consider suitable opportunities for solar energy production for Indian Railways as they intend to increase the share of renewables in their overall energy mix
New Delhi: Ircon International Ltd on Monday said it has inked pact with NIIFL and Ayana Renewable Power for exploring opportunities in solar energy sector. NIIFL and Ircon will evaluate strategic partnerships across infrastructure projects and have agreed in-principle to identify, bid and execute solar energy projects through joint ventures/consortium arrangements, as per the agreement.
“IRCON, a Miniratna Schedule -A Public Sector Enterprises has signed a Memorandum of Understanding (MOU) with National Investment and Infrastructure Fund Limited (NIIFL) and Ayana Renewable Power Private Limited (AYANA), a NIIF platform company to explore and collaborate on opportunities in the solar energy sector,” the company said in a statement.
The partnership will further consider suitable opportunities for solar energy production for Indian Railways as they intend to increase the share of renewables in their overall energy mix.
This collaboration will enable execution of renewable energy projects at scale by utilising the complementary strengths of all partners, it said.
“Through this collaboration, we are diversifying our business in solar energy sector. Further, this collaboration is aligned with Government of India’s policies on renewable energy sector and we believe solar energy sector has enormous opportunities. We hope our association with AYANA and NIIFL to explore projects in solar energy sector will be rewarding to all stakeholders,” Ircon Chairman & Managing Director SK Chaudhary said.
Ayana is an independent power producer with 800 MW of renewable energy projects under development.
“We are pleased to partner with IRCON and AYANA to invest into suitable projects in the solar energy sector. Given the vast untapped potential of this sector and our focus on making sustainable investments…,” NIIFL MD and CEO Sujoy Bose said.
Source: PTI
