RITES Ltd on Thursday said its subsidiary REMCL has secured its largest mandate from Indian Railways for tendering, installation, supervision and managing power supply from three GW solar energy plants, which will be set up on vacant Indian Railways’ land. The project will be divided into three phases of one gigawatt (GW) each and the entire installation is expected to be completed by 2022-23.
“The first and third phases of 1 GW each will be on a PPP (public-private partnership) basis under the design, build, finance, operate and transfer model. Second phase of the project (1 GW) will be on the ownership model of Railway Energy Management Company Ltd (REMCL), which will be eligible for capital subsidy under the CPSE investment scheme,” the company said in a statement.
The Railways has already identified suitable land to be leased to REMCL on nominal lease rent, it said.