Ceigall India Inks ₹1,369 Cr Solar Pacts in Maharashtra for 337 MW

Introduction to Ceigall's Renewable Expansion

Ceigall India Limited, a prominent infrastructure engineering and construction company, has significantly expanded its renewable energy portfolio by signing two long-term Power Purchase Agreements (PPAs) with the Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL). The agreements, executed on March 24, 2026, are for the development of solar power projects with a combined capacity of 337 MW in Maharashtra. This move underscores the company's strategic diversification from its core transportation infrastructure business into the high-growth solar energy sector.

Details of the Maharashtra Solar Agreements

The two projects fall under the state's Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY 2.0), a scheme aimed at providing daytime power to agricultural consumers. The combined Engineering, Procurement, and Construction (EPC) value of these projects is approximately ₹1,369 crore, inclusive of GST. The agreements were signed through Ceigall's wholly-owned subsidiaries, Ceigall Green Energy MH1 Limited and Ceigall Green Energy MH2 Limited. The scope of work includes the complete EPC of the solar photovoltaic power stations, followed by operations and maintenance for a 25-year period as stipulated in the PPA.

Project Breakdown and Financials

The larger of the two projects has a capacity of 190 MW and will be developed across four districts in Maharashtra. Its EPC cost is estimated at ₹772 crore, with a determined tariff of ₹2.72 per unit. The second project will have a capacity of 147 MW, spanning two districts, with an EPC cost of approximately ₹597 crore and a tariff of ₹2.86 per unit. Both projects have a scheduled execution timeline of 18 months from the date of the agreement.

A Strategic Pivot to Green Energy

While Ceigall India is primarily recognized for its work on highways, expressways, and tunnels, this venture into solar power is a calculated step towards building a sustainable, long-term asset base. Ramneek Sehgal, Chairman & Managing Director of Ceigall India, stated that this initiative highlights the company's commitment to the renewable energy sector. These projects not only enhance the company's order book but also provide revenue visibility for the next 25 years, complementing its established EPC capabilities.

Expanding the National Footprint

The Maharashtra projects are part of a broader expansion strategy. As of February 2026, Ceigall's renewable energy portfolio has grown to over 550 MW. This includes other significant wins in Madhya Pradesh. In January 2026, the company formed a subsidiary to execute a 130 MW solar project valued at ₹550 crore under the PM KUSUM-C scheme. More recently, in February 2026, Ceigall secured a Letter of Award from Rewa Ultra Mega Solar Limited (RUMSL) for a 220 MW solar project integrated with a Battery Energy Storage System (BESS) in Morena, Madhya Pradesh, with a project value of ₹1,700 crore.

Market Impact and Industry Context

Ceigall's aggressive expansion into renewables aligns with India's national target of achieving 500 GW of non-fossil fuel energy capacity. The integration of solar and storage solutions, as seen in its Madhya Pradesh project, is becoming critical for providing reliable and dispatchable power to the grid. By securing these large-scale projects, Ceigall India positions itself as a key player in the country's energy transition, leveraging its project execution expertise to tap into new growth opportunities.

Looking Ahead

The successful and timely execution of the 337 MW projects in Maharashtra within the next 18 months will be a critical milestone for Ceigall India. Progress on these developments will be closely watched by investors and industry stakeholders as a measure of the company's ability to deliver on its renewable energy ambitions. The long-term PPAs provide a stable foundation for future growth and recurring revenue, marking a new chapter for the infrastructure major.