REC Limited and Power Finance Corporation Limited (PFC) have signed a common loan agreement with Meja Urja Nigam Private Limited (MUNPL), a 50:50 joint venture between NTPC Limited and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited, for financing the 2,400 MW Meja Thermal Power Project Stage-II in Uttar Pradesh. The total loan amount is Rs 268.5 billion, with REC and PFC funding the project equally, while REC will act as the lead financier.
The project comprises three 800 MW ultra-supercritical units with an air-cooled condenser system at Meja in Prayagraj district. The estimated project cost is Rs 383.58 billion. Once commissioned, the project is expected to strengthen power supply in Uttar Pradesh while improving generation efficiency through advanced ultra-supercritical technology.