Prayagraj, July 31 -- State-owned non-banking financial companies REC Limited and Power Finance Corporation Limited (PFC) signed a Rs 26,850 crore common loan agreement with Meja Urja Nigam Private Limited (MUNPL) to finance a 2,400 MW thermal power expansion in Uttar Pradesh, according to a press release.

MUNPL, an equal joint venture between NTPC Limited and Uttar Pradesh Rajya Vidyut Utpadan Nigam Limited (UPRVUNL), will use the funds to establish three ultra-supercritical units of 800 MW each under Stage-II of the Meja Thermal Power Project in Prayagraj district.

The overall estimated completion cost of the expansion project stands at Rs 38,357.81 crore. REC Limited serves as the lead financer for the venture, with the total debt fa...