In recent significant developments for the Indian solar sector, Ceigall signed two long-term power purchase agreements (PPAs) worth US$145 million, while Adani Green Energy commissions 510.1MW of renewable energy capacity at its Khavda site and Coal India (CIL) extends a corporate guarantee of INR13.6 billion (US$144 million) to its subsidiary for 875MW solar project in Rajasthan. 
Punjab-based engineering, procurement and construction (EPC) company Ceigall has signed two long-term power purchase agreements (PPAs) through its subsidiaries, Ceigall Green Energy MH1 and MH2, with Maharashtra State Electricity Distribution Company for two solar PV projects totalling 337MW in Maharashtra. 
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The first project, with a capacity of 190MW, will be developed across four districts in Maharashtra, with an estimated EPC cost of INR7.72 billion. The second, a 147MW project spanning two districts, is estimated to cost INR5.97 billion. Both projects are expected to be completed within 18 months. 
The projects are being developed under Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY 2.0) –an initiative aimed to provide farmers with reliable daytime electricity through localised solar generation. The company will deliver the EPC of the solar PV plants, followed by their operation and maintenance (O&M), and will supply power under a 25-year PPA. 
Ceigall has expanded its renewable energy portfolio to over 550MW of solar capacity as of February 2026. Recently, the company secured a Letter of Award from India’s state-owned solar power developer Rewa Ultra Mega Solar Limited (RUMSL) to develop 220MW of solar-plus-storage capacity in Morena, Madhya Pradesh. 
Adani Green Energy has commissioned 510.1MW of renewable energy capacity at its Khavda site in Gujarat, including 300MW of solar.  
The capacity was brought online through several subsidiaries, including Adani Green Energy Twenty Six B with 125MW, Adani Green Energy Twenty Four with 150MW and Adani Solar Energy Jodhpur Six with 25MW of PV capacity. 
Following the addition, the company’s total operational renewable energy capacity increased to 17,982.3MW, it said. 
The Khavda site, also called Gujarat Hybrid Renewable Energy Park, was first announced by the Indian government in 2020 and is eventually set to comprise 30GW of solar PV and wind capacity in seven phases. Reports vary on the planned completion date, with estimates ranging from late 2026 to 2030. 
Adani has led the development of the Khavda solar project, which it expects to become the world’s “largest” upon completion. In September 2024, Adani Green Energy signed a 5GW, 25-year PPA with Maharashtra State Electricity Distribution Company to supply power from the Khavda project. The projects are being developed over the next three years and will be connected to the interstate transmission system. 
In the same month, Adani also formed a joint venture (JV) with French energy utility TotalEnergies to develop a further 1.1GW solar PV portfolio at the site, with Adani contributing assets and TotalEnergies investing US$444 million in equity. 
The company also commissioned an initial 1GW at the site in March 2024 and secured US$1.36 billion in debt financing to support the development of 2.1GW of solar PV at the site in late 2023. This brought its construction financing framework to US$3 billion at the time. 
Kolkata-based public sector undertaking Coal India (CIL) has extended a corporate guarantee of INR13.6 billion (US$144 million) to its subsidiary, CIL Rajasthan Akshay Urja Limited (CRAUL), to support the funding and development of an 875MW solar PV project in Rajasthan. 
The approved corporate guarantee provides 100% backing, allowing CRAUL to secure debt financing for the capital expenditure needed to develop the 875MW solar PV project.  
This support is intended to facilitate easier access to funding from lenders, mitigating risks typically associated with project financing. Under the terms of the guarantee, however, Coal India would be liable to meet repayment obligations in the event of a default by its subsidiary. 
CRAUL is a joint venture between Coal India Limited and Rajasthan Rajya Vidyut Utpadan Nigam Limited (RRVUNL). Coal India will hold 74% stake in the project, while RRVUNL will own the remaining 26%. 

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