The Indian Railway Finance Corporation (IRFC) has inked two major loan agreements totaling Rs 16,849 crore with HPGCL (Haryana Power Generation Corporation Limited) and MAHAGENCO (Maharashtra State Power Generation Company Limited).

HPGCL: IRFC will fund up to Rs 5,929 crore for an 800 MW supercritical expansion (3rd unit) at the Deenbandhu Chhotu Ram Thermal Power Plant in Yamunanagar, Haryana.

MAHAGENCO: A loan of up to Rs 10,560 crore will support the 2 × 660 MW supercritical expansion at Koradi Thermal Power Station, Nagpur, adding a total of 1,320 MW of modern capacity.

These agreements highlight IRFC’s evolving role beyond railway financing into strategic linkages with the energy sector.

The projects will replace aging capacity, improve generation efficiency, and help stabilize the power supply for households, industries, and agriculture in Haryana and Maharashtra.

From a financial markets standpoint, IRFC’s stock came under investor focus following the announcement, though share movement was relatively muted.