Indian Railway Finance Corporation (IRFC) has signed a loan agreement worth up to Rs 106 billion with Maharashtra State Power Generation Company (MAHAGENCO) to fund the 2×660 MW supercritical expansion project at Koradi Thermal Power Station in Nagpur.

The agreement was formalised at IRFC’s headquarters in New Delhi, with Sunil Kumar Goel, Chief General Manager, IRFC, and Pankaj Sharma, CGM (Finance), MAHAGENCO, signing on behalf of their organisations.

The project will add 1,320 MW of modern supercritical capacity, replacing outdated and less efficient units, and will play a key role in ensuring reliable electricity supply for Maharashtra’s industrial and agricultural sectors. Financial backing from IRFC will help enable smooth implementation of the expansion.

Recently accorded Navratna status, IRFC is widening its role as a diversified infrastructure financier in the railway ecosystem. Its mandate extends to power generation and transmission, mining, fuel, coal, warehousing, telecom, hotels and catering, metro rail, freight corridors, ports, and multimodal logistics, all of which maintain strong forward and backward linkages with Indian Railways.

MAHAGENCO already has several long-term Tripartite Agreements (TPAs) with Indian Railways for coal transportation to its plants. Significant capital and operational expenditure on coal freight, wagon handling, and related logistics directly contribute to Indian Railways’ freight earnings.

Commenting on the development, Manoj Kumar Dubey, Chairman and Managing Director and CEO of IRFC, said, “At IRFC, our priority is to support projects that are closely integrated with Indian Railways and deliver enduring benefits. By extending funding support to MAHAGENCO, we are not only enabling critical capacity addition in Maharashtra but also strengthening railway infrastructure that is vital for nation building.”