The agreements, signed with state power utilities in Maharashtra and Haryana, will finance large-scale thermal power expansion projects. This underscores IRFC’s growing role as a diversified infrastructure financier and is expected to draw close attention from the markets.
Rs 10,560 crore agreement with MAHAGENCO for Koradi Thermal Project
IRFC signed a loan deal with Maharashtra State Power Generation Company (MAHAGENCO) for financing up to Rs 10,560 crore for the upcoming 2×660 MW supercritical expansion at the Koradi Thermal Power Station in Nagpur. The agreement was formalized at IRFC’s headquarters in New Delhi on September 29, 2025.
The project is strategically important to ensure a reliable power supply for Maharashtra’s industrial and agricultural sectors. It will add 1,320 MW of new capacity by replacing older, less efficient units. IRFC said its support will help ensure smooth execution.
The company also highlighted its strong asset quality, zero-NPA record, and expanded role as a Navratna entity involved in infrastructure projects with backward and forward linkages to railways, including coal transport and power transmission.Rs 5,929 crore loan agreement with HPGCL for Yamunanagar Thermal PlantIn a separate development the same day, IRFC entered into a loan agreement with Haryana Power Generation Corporation (HPGCL) for financing up to Rs 5,929 crore.
The funding will support the third 800 MW supercritical unit at the Deenbandhu Chhotu Ram Thermal Power Plant (DCRTPP) in Yamunanagar. The project aims to strengthen power supply for households, industries, and agriculture in Haryana through modern, efficient technologies.
The partnership also enhances energy and logistical linkages with Indian Railways, as the plants depend on coal transported by rail, while the electricity generated supports the Northern Grid and traction power requirements across Haryana.
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