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Events / Business / REC, PFC sign Rs 26,850 crore loan...
Business loan agreement

REC, PFC sign Rs 26,850 crore loan for Meja power

Analysis based on 7 articles · First reported Jul 30, 2026 · Last updated Aug 01, 2026

Sentiment
20
Attention
2
Articles
7
Market Impact
General
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Market Impact

The loan agreement provides substantial financing for a major thermal power expansion, supporting India's power infrastructure and benefiting the involved state-owned financiers through increased lending activity. It is expected to positively impact the power sector in India — Uttar Pradesh and contribute to the financial performance of REC and PFC.

Power Infrastructure Financing
Event Summary

REC Limited and Power Finance Corporation (PFC), both Maharatna CPSEs under the India — Ministry of Power, signed a common loan agreement of Rs 26,850 crore with Meja Urja Nigam Private Limited (MUNPL) to finance the 2,400 MW Stage-II expansion of the Meja Thermal Power Project in Prayagraj district, India — Uttar Pradesh. MUNPL is a 50:50 joint venture between NTPC Limited and Uttar Pradesh Rajya Vidyut Utpadan Nigam (UPRVUNL). The project will consist of three ultra-supercritical units of 800 MW each, equipped with air-cooled condenser systems, with an estimated completion cost of Rs 38,357.81 crore. REC is the lead financier, and the loan is funded equally by REC and PFC. The loan documents were signed in Prayagraj by senior officials from MUNPL, REC, and PFC. The project aims to strengthen energy security in India — Uttar Pradesh, support economic growth, create employment, and improve environmental performance through advanced thermal technology.

Key Actions
100 REC Limited signed loan agreement Meja Urja Nigam Private Limited
100 Power Finance Corporation signed loan agreement Meja Urja Nigam Private Limited
Entities Involved
priv
Meja Urja Nigam Private Limited
Borrower and project developer; the loan enables construction of the 2,400 MW expansion, directly advancing its core business.
Importance 100.0 Sentiment 20.0
stock
REC Limited
Lead financier providing half of the Rs 26,850 crore loan, strengthening its lending portfolio and reinforcing its role in power infrastructure financing.
Importance 90.0 Sentiment 20.0
stock
Power Finance Corporation
Co-financier providing half of the loan, expanding its infrastructure lending and supporting its business growth.
Importance 90.0 Sentiment 20.0
loc
India — Uttar Pradesh
The expansion will strengthen the state's energy security, provide reliable power for residential, agricultural, and industrial use, and boost local infrastructure and employment.
Importance 80.0 Sentiment 20.0
stock
NTPC Limited
As a 50% joint venture partner in MUNPL, NTPC benefits from the project's development and financing, supporting its generation capacity expansion.
Importance 70.0 Sentiment 15.0
priv
Uttar Pradesh Rajya Vidyut Utpadan Nigam
As the other 50% joint venture partner, UPRVUNL gains from enhanced power generation capacity in the state, aligning with its mandate.
Importance 70.0 Sentiment 15.0
cnt
India
The project contributes to national power infrastructure and energy security, supporting economic growth and employment.
Importance 60.0 Sentiment 15.0
govactor
India — Ministry of Power
As the parent ministry of REC and PFC, it oversees the financing and supports the development of power infrastructure in the country.
Importance 50.0 Sentiment 10.0
Relationships
REC Limited related ↔ India
Power Finance Corporation related ↔ India
NTPC Limited related ↔ India
India related ↔ India — Ministry of Power
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