Ceigall India Executes 337 MW Solar PPAs with Maharashtra State
Filing Summary
Ceigall India Limited has executed Power Purchase Agreements (PPAs) through its subsidiaries, Ceigall Green Energy MH1 Limited and Ceigall Green Energy MH2 Limited, with Maharashtra State Electricity Distribution Co. Ltd. The agreements, dated March 24, 2026, cover a total capacity of 337 MW under the Mukhyamantri Saur Krushi Vahini Yojana 2.0. The projects involve an EPC cost of approximately Rs. 1,369 crore, inclusive of GST. The execution timeline is set for 18 months, with a 25-year operational period. The agreements are domestic and not related party transactions.
Ceigall India Limited has announced the execution of 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. The agreements, signed on March 24, 2026, are for a combined capacity of 337 MW under the Mukhyamantri Saur Krushi Vahini Yojana 2.0. The projects are divided into two parts: one with a capacity of 190 MW and another with 147 MW.
The financial terms of the agreements include an EPC cost of approximately Rs. 772 crore for the 190 MW project and Rs. 597 crore for the 147 MW project, both figures inclusive of GST. The quoted tariff for the power supply ranges from Rs. 2.72 to Rs. 2.86 per unit. The total EPC cost for both projects is approximately Rs. 1,369 crore. These agreements are structured as long-term PPAs with a duration of 25 years.
The scope of the agreements involves the development of solar photovoltaic power generating stations. The 190 MW project will be implemented across four districts in Maharashtra, while the 147 MW project will cover two districts. The agreements include the engineering, procurement, and construction (EPC) of the solar stations, followed by operations and maintenance. The projects are designed to supply power under the PPA framework for 25 years.
The agreements are part of the Mukhyamantri Saur Krushi Vahini Yojana 2.0, a state initiative aimed at promoting solar energy. These projects represent a strategic move for Ceigall India to expand its presence in the renewable energy sector. The agreements are domestic and do not fall under related party transactions, as confirmed by the company.
The timeline for the execution of these projects is set at 18 months from the date of the agreement. The operational period extends to 25 years, ensuring a long-term power supply commitment. The projects are expected to be completed within the stipulated timeframe, with Ceigall India and its subsidiaries responsible for the execution and maintenance.
Maharashtra State Electricity Distribution Co. Ltd. is the entity awarding the contracts. It is a key player in the distribution of electricity within the state, focusing on enhancing the state’s renewable energy capacity through initiatives like the Mukhyamantri Saur Krushi Vahini Yojana 2.0.
Ceigall India Limited is an infrastructure engineering, procurement, and construction (EPC) company engaged in developing highways, expressways, bridges, flyovers, railway overbridges, tunnels, and runways. The company executes projects under EPC and Hybrid Annuity Model (HAM) formats, with a strong track record of timely execution across multiple states in India. Ceigall India is expanding its renewable energy portfolio, complementing its existing capabilities in transportation infrastructure.