Ceigall India’s wholly owned subsidiaries, Ceigall Green Energy MH1 and MH2 Limited, have signed long-term Power Purchase Agreements (PPAs) totaling 337 MW with Maharashtra State Electricity Distribution Co. Ltd. The combined projects, under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, have an aggregate EPC value of approximately Rs. 1,369 crore (including GST). The agreements secure 25 years of operational tenure, marking a strategic expansion into renewable energy development and ownership for Ceigall.
Execution of Significant Power Purchase Agreements
Ceigall India Limited announced on March 25, 2026, that its subsidiaries, Ceigall Green Energy MH1 Limited and Ceigall Green Energy MH2 Limited, have executed long-term Power Purchase Agreements (PPAs). These agreements were finalized with Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL) on March 24, 2026.
The agreements cover the development of solar photovoltaic power generating stations with an aggregated capacity of 337 MW under the Mukhyamantri Saur Krushi Vahini Yojana 2.0.
Project Capacities and Financial Details
The details of the two separate PPAs are summarized below:
- Ceigall Green Energy MH1 Limited: Awarded contract for an aggregate capacity of 190 MW across 4 districts in Maharashtra. The operation and supply tenure is for 25 Years under a long-term PPA at quoted tariffs ranging from Rs. 2.72/- to Rs. 2.84/- per unit. The estimated EPC cost is approximately Rs. 772/- Crore (Including GST).
- Ceigall Green Energy MH2 Limited: Awarded contract for an aggregate capacity of 147 MW across 2 districts in Maharashtra. The operation and supply tenure is also for 25 Years under a long-term PPA at a quoted tariff of Rs. 2.86/- per unit. The estimated EPC cost is approximately Rs. 597/- Crore (Including GST).
The combined EPC value for both projects stands at approximately Rs. 1,369/- crore (inclusive of GST).
Execution and Operational Timelines
The commitment period for these contracts includes two distinct phases:
- Work Execution (EPC): Approximately 18 Months.
- Operational Period: A long-term commitment spanning 25 Years of power supply.
Strategic Commentary
Ramneek Sehgal, Chairman & Managing Director of Ceigall India Limited, stated that these PPAs represent a decisive step in building a scaled, long-duration renewable energy platform. The company is prioritizing assets that combine execution visibility with long-term annuity-style returns. These agreements enhance the company’s order book visibility and establish a long-term presence in solar power generation, complementing its existing strong EPC capabilities in transportation infrastructure.
Source: BSE
