REC, PFC Fund Rs 268.5 Billion Meja Power Project

REC Limited and Power Finance Corporation (PFC), Maharatna CPSEs under the Ministry of Power, have signed a Common Loan Agreement with Meja Urja Nigam Private Limited (MUNPL) for a loan amount of Rs 268.5 billion for the development of the 2,400 MW Meja Thermal Power Project Stage-II in Prayagraj, Uttar Pradesh.

MUNPL is a 50:50 joint venture between NTPC Limited and Uttar Pradesh Raj Vidyut Utpadan Nigam Limited (UPRVUNL). The project involves the construction of three ultra-supercritical units of 800 MW each, equipped with an Air Cooled Condenser (ACC) system. The estimated project completion cost is Rs 383.58 billion.

REC is the lead financier for the project, while the loan amount will be funded jointly by REC and PFC in a 50:50 ratio.

The loan documents were signed in Prayagraj by Srinivasa Rao Gaddamanugu, Chief Executive Officer, MUNPL; Shambhu Shankar Gupta, Chief General Manager, REC Regional Office Lucknow; and Shelly Gupta, General Manager, PFC, in the presence of senior officials from MUNPL, PFC and REC.

The Meja Super Thermal Power Project Stage-II is expected to strengthen Uttar Pradesh’s energy security by ensuring reliable power supply for residential, agricultural and industrial consumers. The adoption of ultra-supercritical technology will improve efficiency, reduce coal consumption and lower emissions compared to older power plants.

The project is also expected to create employment opportunities during construction and operations, support infrastructure development in Prayagraj’s Meja tehsil, and provide stable power supply for industrial corridors, manufacturing clusters and urban expansion.