REC and PFC sign Rs. 26,850 Crore common loan agreement with MUNPL for 2,400 MW Meja Thermal Power Project Stage-II
New Delhi, July 30, 2026: REC Limited and PFC Limited, Maharatna CPSEs under the Ministry of Power and leading Infrastructure Financing NBFCs, have signed Common Loan Agreement with Meja Urja Nigam Private Limited (MUNPL), a 50:50 Joint Venture between NTPC Limited & Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL) for total loan amount of Rs. 26,850 Crore for the establishment of 2400 MW Meja TPP Stage-II Ultra-Super Critical units of 800 MW under Stage-Il (3×800 MW) with Air Cooled Condenser (ACC) system at Meja Tehsil, Prayagraj District, Uttar Pradesh with an estimated project completion cost of Rs. 38,357.81 crore. REC is the lead financer of the project and the loan has been funded in 50:50 by REC and PFC.
The Loan Documents were signed at Prayagraj, Uttar Pradesh by Mr. Srinivasa Rao Gaddamanugu, Chief Executive Officer, MUNPL , Mr. Shambhu Shankar Gupta, Chief General Manager, REC Regional Office Lucknow and Ms Shelly Gupta, GM, PFC, in the presence of Mr Angshu Barua, Chief Financial Officer, MUNPL; Mr. H. K. Das, Executive Director, PFC and Mr. D. B. Londhe, Executive Director, REC.
The proposed 3×800 MW Meja Super Thermal Power Project (Stage-II) brings wide-ranging benefits in a single sweep. It will strengthen Uttar Pradesh’s energy security, ensures reliable supply for homes, farms, and industries and supports the state’s ambitious growth targets. The advanced technology reduces coal consumption and emissions compared to older plants, making it more efficient and environmentally responsible. It will generate thousands of jobs during construction and operation, boost local infrastructure in Prayagraj’s Meja tehsil, and provide stable power for industrial corridors, manufacturing clusters, and urban expansion.
