Ceigall India Secures Rs 1,369 Crore Solar Projects in Maharashtra

Ceigall India Expands Renewable Energy Portfolio

Ceigall India Limited has significantly expanded its footprint in the renewable energy sector by securing long-term Power Purchase Agreements (PPAs) for solar projects in Maharashtra. The company announced on March 25, 2026, that its wholly-owned subsidiaries, Ceigall Green Energy MH1 Limited and Ceigall Green Energy MH2 Limited, executed the agreements with Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL) on March 24, 2026. These agreements cover the development of solar photovoltaic power stations with a combined capacity of 337 MW.

Details of the Power Purchase Agreements

The projects, awarded under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, carry a total Engineering, Procurement, and Construction (EPC) value of approximately Rs 1,369 crore, inclusive of GST. The agreements ensure a stable revenue stream for a tenure of 25 years, marking a pivotal move for Ceigall from its traditional EPC business towards becoming a long-term developer and operator of renewable assets.

The initiative is split between two subsidiaries:

• Ceigall Green Energy MH1 Limited will develop an aggregate capacity of 190 MW across four districts in Maharashtra. The project's estimated EPC cost is around Rs 772 crore. The power will be supplied at tariffs ranging from Rs 2.72 to Rs 2.84 per unit.
• Ceigall Green Energy MH2 Limited is responsible for a 147 MW project across two districts, with an estimated EPC cost of approximately Rs 597 crore. The tariff for this project is fixed at Rs 2.86 per unit.

Project Breakdown and Timelines

The execution plan for these projects is clearly defined, with an 18-month period allocated for construction and commissioning. Following this, the operational phase will commence, with Ceigall supplying power to MSEDCL for 25 years. This long-term operational commitment provides significant order book visibility and establishes a recurring revenue model for the company.

A Strategic Shift Towards Annuity-Style Returns

Ramneek Sehgal, Chairman & Managing Director of Ceigall India Limited, highlighted the strategic importance of these agreements. He stated, "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." This move signals Ceigall's ambition to evolve beyond its role as an EPC player in transportation infrastructure and become a credible developer-operator capable of managing large renewable assets over several decades.

Market Response and Financial Outlook

The announcement was met with a measured but positive response from the stock market. On March 25, 2026, Ceigall India's shares were trading at Rs 275.65, an increase of 0.94%. This cautious optimism suggests that investors recognize the long-term value and stability these projects bring, shifting the company's revenue profile from project-based income to a more predictable, annuity-like cash flow.

This development complements Ceigall's other recent successes in the renewable sector, including securing a 220 MW solar project with a battery energy storage system (BESS) at the Morena Solar Park in Madhya Pradesh, valued at Rs 1,700 crore. The company's recent financial results for Q3 FY26 showed a 19.3% increase in net revenue to Rs 991.14 crore, further strengthening its financial position to execute these large-scale projects.

Conclusion: Building a Sustainable Future

The successful execution of these PPAs in Maharashtra solidifies Ceigall India's position in the country's clean energy transition. By securing long-term contracts and shifting towards an asset ownership model, the company is not only enhancing its order book but also building a sustainable and resilient business for the future. This strategic expansion into solar power generation aligns with India's broader goals of increasing its non-fossil fuel capacity and ensures Ceigall's role as a key player in the nation's infrastructure and energy landscape.