New Delhi: Ceigall India Limited (BSE: 544223 | NSE: CEIGALL) has executed two long-term Power Purchase Agreements (PPAs) through its wholly owned subsidiaries Ceigall Green Energy MH1 Limited and Ceigall Green Energy MH2 Limited, with Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL) on 24th March 2026.
The agreements cover the development of solar photovoltaic power-generating stations with a combined capacity of 337 MW under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY 2.0). The first project, with a capacity of 190 MW, will be developed across four districts in Maharashtra and amounts to an EPC cost of approx. Rs. 772/- cr. (including GST). The second project, with a capacity of 147 MW, will span two districts in the state and amounts to an EPC cost of approx. Rs. 597/- cr. (including GST). The combined EPC value of the projects stands at approximately Rs. 1,369/- crore (inclusive of GST). The execution timeline for the projects is 18 months.
The scope includes engineering, procurement, and construction (EPC) of the solar photovoltaic power generating stations, followed by operations and maintenance, with a long-term commitment to supply power for 25 years under the PPA framework.
Ramneek Sehgal, Chairman & Managing Director, Ceigall India Limited, said: “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 represent a strategic milestone in Ceigall India’s expansion into the renewable energy segment, complementing its strong EPC capabilities in transportation infrastructure. The projects further enhance the company’s order book visibility while establishing a long-term presence in solar power generation.
