REC Limited and Power Finance Corporation (PFC) signed a ₹26,850 crore loan agreement with Meja Urja Nigam Private Limited (MUNPL). REC serves as the lead financier for the transaction. Both institutions will fund the total loan amount in equal shares.
The capital supports Stage-II of the Meja Thermal Power Project in Prayagraj, Uttar Pradesh. This expansion will add 2,400 MW of capacity to the state power grid. The project features three ultra-supercritical units. Each unit has a capacity of 800 MW.
The financing aims to meet growing electricity demand by accelerating a major thermal power expansion. Separately, REC completed the transfer of two power transmission special purpose vehicles (SPVs) to other companies.