Ceigall signs 15 PPAs for 130 MW MP solar 2026

What was signed and why it matters

Ceigall Green Energy MP Limited, a wholly owned subsidiary of Ceigall India Limited, has executed 15 power purchase agreements (PPAs) with Madhya Pradesh Power Management Company Limited (MPPMCL) for a total solar capacity of 130 MW. The company disclosed the signing on Thursday, and said the agreements were executed on Wednesday. The PPAs were signed under the Surya Mitra Krishi Feeder Yojana. Under these agreements, Ceigall will develop solar photovoltaic power projects and supply electricity for 25 years. The tariff mentioned for the supply is ₹2.85 per unit. The contracts also include implementation as well as long-term operation and maintenance (O&M). For investors tracking EPC and renewable execution pipelines, the disclosure adds a quantified project value and timeline tied to a long-term revenue structure.

Key terms of the MPPMCL PPAs

The PPAs cover development and supply obligations across the contracted 25-year period. The company said it will supply electricity at ₹2.85 per unit, which is the tariff specified under the agreements. The scope includes implementation of the projects and their subsequent operation and maintenance. Ceigall also provided an estimated engineering, procurement and construction (EPC) cost for the 130 MW package. The estimated EPC cost is about ₹572 crore, and this figure is stated as including GST. The execution timeline for completion is 12 months, followed by the operational period of 25 years. Because the arrangement combines EPC, O&M, and a multi-decade offtake, it links near-term execution milestones with longer-duration operational commitments.

Scheme context: Surya Mitra Krishi Feeder Yojana

The company said the PPAs were signed under the Surya Mitra Krishi Feeder Yojana. While the company did not provide additional scheme detail in the disclosure, it positioned the project within a broader policy push. Ceigall said the project aligns with wider efforts to expand renewable energy capacity. It also said the project is aimed at improving energy reliability in rural areas. Such rural reliability framing typically connects solar generation to agricultural or feeder-level supply needs, but Ceigall’s statement remained at the level of alignment rather than operational design. The reference to rural reliability is notable because it indicates the targeted end-use context, not just grid capacity addition. The structure of long-term PPAs is also consistent with state-led procurement intended to ensure predictable supply arrangements.

Execution plan: EPC cost and timeline

Ceigall disclosed that the estimated EPC cost for the MP portfolio is about ₹572 crore, including GST. It also stated a 12-month execution timeline for project completion. After that, it expects a 25-year operational period, which is aligned with the PPA term. The contracts include implementation and O&M, which means the company remains responsible beyond commissioning. For project delivery monitoring, the 12-month schedule is the key near-term benchmark mentioned in the disclosure. No district-wise breakdown for Madhya Pradesh was provided in the text. The company also did not disclose project-wise tariff variation, indicating the reported tariff of ₹2.85 per unit is the relevant disclosed price under the agreements. The combination of cost, schedule, and term provides a clearer picture of the operational pathway for this 130 MW set.

Ceigall’s wider solar pipeline: Maharashtra PPAs for 337 MW

Separately, Ceigall has signed two long-term PPAs through subsidiaries Ceigall Green Energy MH1 and MH2 with Maharashtra State Electricity Distribution Company for solar PV projects totalling 337 MW in Maharashtra. The first project has a capacity of 190 MW and will be developed across four districts in Maharashtra, with an estimated EPC cost of ₹772 crore. The second project is a 147 MW project spanning two districts, and is estimated to cost ₹597 crore. Both projects are expected to be completed within 18 months. They are being developed under Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY 2.0), described as an initiative aimed to provide farmers with reliable daytime electricity through localised solar generation. The company’s role includes delivering the EPC of the plants, followed by O&M, and supplying power under a 25-year PPA.

Portfolio snapshot and the Morena solar-plus-storage award

Ceigall has expanded its renewable energy portfolio to over 550 MW of solar capacity as of February 2026. The company has also secured a Letter of Award from India’s state-owned solar power developer Rewa Ultra Mega Solar Limited (RUMSL) to develop 220 MW of solar-plus-storage capacity in Morena, Madhya Pradesh. Multiple references in the provided text put the estimated project value, including GST, at about ₹1,700 crore for this 220 MW unit. The award is described as having been secured through a tariff-based competitive bidding process, with a winning tariff reported as ₹2.70 per kWh in one account. Construction for the Morena project is stated as scheduled over a 24-month period, followed by a 25-year operational period. The scope covers engineering, procurement, and construction of the solar plus storage facility, and then operations for 25 years.

Key numbers at a glance

The following table summarises the specific factual disclosures provided across the MP and Maharashtra items referenced.

Market impact: what investors can track from disclosed data

The MP disclosure gives a clearly quantified project package: 130 MW tied to a 25-year supply term and a stated tariff of ₹2.85 per unit. It also provides an estimated EPC cost of about ₹572 crore including GST, and a 12-month execution timeline, which creates a near-term delivery window for monitoring. The Maharashtra projects add scale, totalling 337 MW, with disclosed EPC cost estimates of ₹772 crore and ₹597 crore, and an 18-month completion expectation. The Morena award increases the visibility of hybrid assets, with 220 MW solar-plus-storage and an estimated value of about ₹1,700 crore including GST, with a 24-month construction period. As of February 2026, the company’s renewable portfolio is described as over 550 MW of solar capacity, placing these developments within a growing base. The disclosures do not provide revenue recognition schedules, financing structure, or margin assumptions, so market impact assessment is largely centred on execution and order visibility. Another sector datapoint referenced in the text is Coal India extending a corporate guarantee of ₹1,360 crore to its subsidiary for an 875 MW solar project in Rajasthan, signalling continuing large-scale procurement and funding support in the broader solar ecosystem.

Analysis: why the 130 MW MP PPAs stand out

The MP package stands out because it combines multiple agreements (15 PPAs) with a single reported aggregate capacity (130 MW), a stated tariff (₹2.85 per unit), and a defined execution and operations structure. The inclusion of implementation, O&M, and long-duration supply under a 25-year PPA suggests Ceigall is positioning itself beyond pure EPC delivery in select projects. The 12-month execution timeline is shorter than the 18-month schedule mentioned for the Maharashtra projects and the 24-month schedule stated for the Morena solar-plus-storage project, highlighting different commissioning horizons across the portfolio. The procurement route also matters: MP is linked to Surya Mitra Krishi Feeder Yojana, while Maharashtra is linked to MSKVY 2.0, both framed around agricultural or rural power reliability. The disclosed EPC cost of about ₹572 crore including GST provides a tangible yardstick for the 130 MW scope, even though project-level details are not provided. Taken together with the Maharashtra PPAs and the Morena LOA, the disclosures show a pipeline spanning plain solar PV and solar-plus-storage configurations.

Conclusion

Ceigall Green Energy MP Limited’s execution of 15 PPAs with MPPMCL for 130 MW adds a new Madhya Pradesh solar package with a stated tariff of ₹2.85 per unit, an estimated EPC cost of about ₹572 crore including GST, and a 12-month execution timeline. The company has also disclosed large parallel engagements, including 337 MW of solar PPAs in Maharashtra under MSKVY 2.0 and a 220 MW solar-plus-storage LOA at Morena Solar Park valued at about ₹1,700 crore including GST. The next concrete milestones to watch, based on what the company has stated, are commissioning progress against the 12-month schedule in MP and delivery against the 18-month and 24-month timelines referenced for the Maharashtra and Morena projects.