Ceigall India signs 337 MW Solar PPAs in Maharashtra
Ceigall India's subsidiaries executed 337 MW solar PPAs in Maharashtra with MSEDCL on March 24, 2026. The projects, with a combined EPC cost of ₹1,369 crore, will supply power for 25 years. This marks a strategic expansion into renewable energy.
The PPAs involve a substantial aggregate capacity of 337 MW and a combined EPC value of approximately ₹1,369 crore, representing a significant new business development that will materially impact the company's order book, revenue streams, and strategic direction in the renewable energy sector.
The execution of significant Power Purchase Agreements (PPAs) for a large solar capacity demonstrates substantial business expansion and strengthens the company's position in the renewable energy sector, indicating positive future prospects.
Ceigall India Limited, through its wholly-owned subsidiaries Ceigall Green Energy MH1 Limited and Ceigall Green Energy MH2 Limited, has executed two long-term Power Purchase Agreements (PPAs) with Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL) on 24th March 2026. These agreements are for the development of solar photovoltaic power generating stations with a combined capacity of 337 MW under the Mukhyamantri Saur Krushi Vahini Yojana 2.0.
The first project, with a capacity of 190 MW, will be developed across four districts in Maharashtra with an EPC cost of approximately ₹772 crore (including GST). The second project, with a capacity of 147 MW, will span two districts in the state and has an EPC cost of approximately ₹597 crore (including GST). The combined EPC value for both projects is approximately ₹1,369 crore (inclusive of GST), with an execution timeline of 18 months.
The scope of these agreements includes engineering, procurement, and construction (EPC) of the solar photovoltaic power generating stations, followed by operations and maintenance, with a commitment to supply power for 25 years under the PPA framework.
Ramneek Sehgal, Chairman & Managing Director, Ceigall India Limited, stated, "We are building Ceigall into a scaled renewable platform with the ambition to be among the most credible infrastructure players in India’s energy transition. These PPAs mark a decisive step in building a scaled, long-duration renewable energy platform for us. We are prioritising assets and opportunities that combine execution visibility with long-term annuity-style returns. As India accelerates its clean energy transition, we are positioning ourselves not just as an EPC player, but as a credible developer-operator with the capability to deliver, own, and manage large renewable assets over decades."
These agreements signify a strategic expansion for Ceigall India into the renewable energy segment, complementing its existing EPC capabilities in transportation infrastructure. The projects are expected to enhance the company’s order book visibility and establish a long-term presence in solar power generation.
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