India's REC and PFC Sign Rs. 26,850 Crore Loan for 2,400 MW Thermal Power Project

en.Wedoany.com Reported - REC Limited and PFC Limited have signed a joint loan agreement with Meja Urja Nigam Private Limited (MUNPL) to provide total financing of Rs. 26,850 crore for the construction of the 2,400 MW Meja Thermal Power Plant Stage-II (Meja TPP Stage-II) ultra-supercritical unit project in Meja Tehsil, Prayagraj district, Uttar Pradesh. MUNPL is a 50:50 joint venture between NTPC Limited and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL).

The Stage-II of the plant is planned with 3×800 MW units equipped with air-cooled condenser (ACC) systems, with an estimated completion cost of Rs. 38,357.81 crore. REC is the lead lender, with the loan being contributed equally by REC and PFC at 50% each.

The Meja TPP Stage-II project will help strengthen Uttar Pradesh's energy security during its construction and after commissioning, providing reliable power supply to households, agriculture, and industry, and supporting the state's economic growth objectives. Compared to older plants, the project employs advanced technology that reduces coal consumption and emissions, while creating thousands of employment opportunities during both construction and operational phases, promoting local infrastructure development, and providing stable power support for industrial corridors, manufacturing clusters, and urban expansion.

The loan documents were signed in Prayagraj, Uttar Pradesh. Signatories included MUNPL Chief Executive Officer Srinivasa Rao Gaddamanugu, REC Lucknow Regional Office Chief General Manager Shambhu Shankar Gupta, and PFC General Manager Shelly Gupta. MUNPL Chief Financial Officer Angshu Barua, PFC Executive Director H.K. Das, and REC Executive Director D.B. Londhe were present as witnesses.