REC and PFC sign Rs 26,850 crore loan agreement for 2,400 MW Meja Thermal Power Project expansion

Key facts

• REC Limited and Power Finance Corporation Limited (PFC) signed a Rs 26,850 crore common loan agreement with Meja Urja Nigam Private Limited (MUNPL) to finance a 2,400 MW thermal power expansion in Uttar Pradesh.
• MUNPL is an equal joint venture between NTPC Limited and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL).
• The expansion project, Stage-II of Meja Thermal Power Project in Prayagraj district, will establish three ultra-supercritical units of 800 MW each.
• The overall estimated completion cost of the expansion project is Rs 38,357.81 crore.
• REC Limited is the lead financer, with the total debt facility funded equally on a 50:50 basis between REC and PFC.
• The project incorporates an air-cooled condenser system and advanced thermal technology for operational efficiency.
• The expansion aims to strengthen energy security in Uttar Pradesh and support residential, agricultural, and industrial consumers.