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Ceigall India Ventures into Solar Power with 337 MW Deal
25 Mar
Summary
- Ceigall India inked 337 MW solar capacity PPAs with MSEDCL.
- Agreements were signed via two subsidiaries on March 24, 2026.
- Projects fall under Mukhyamantri Saur Krushi Vahini Yojana 2.0.
Ceigall India Limited has entered into a significant new phase in its business strategy, marking its most substantial commitment to renewable energy to date. On Wednesday, March 25, 2026, the company announced the execution of two long-term Power Purchase Agreements (PPAs) with Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL). These agreements collectively cover 337 MW of solar capacity.
The agreements were finalized on March 24, 2026, through two wholly owned subsidiaries of Ceigall India: Ceigall Green Energy MH1 Limited and Ceigall Green Energy MH2 Limited. These projects are part of the state government's Mukhyamantri Saur Krushi Vahini Yojana 2.0 scheme, designed to bolster solar energy adoption.
The first PPA is for 190 MW across four districts, with tariffs ranging from ₹2.72 to ₹2.84 per unit. The second agreement covers 147 MW in two districts at a tariff of ₹2.86 per unit. The combined EPC cost for these projects is approximately ₹1,369 crore. Construction is slated for completion within 18 months, followed by a 25-year supply commitment to MSEDCL.
This expansion signifies a strategic shift for Ceigall India, traditionally known for its highway and expressway construction work. Chairman and Managing Director Ramneek Sehgal stated this move aims to position Ceigall as a developer-operator in India's burgeoning clean energy sector. The company's stock saw a positive reaction, closing up 3.85% on the NSE on Wednesday.
