Ceigall India Limited has taken a significant step into the renewable energy sector by signing two long-term Power Purchase Agreements (PPAs) totaling 337 MW of solar capacity with Maharashtra State Electricity Distribution Company Limited (MSEDCL). The agreements mark the infrastructure company’s most substantial move so far into clean energy development.
The company executed the agreements on March 24, 2026, through its two wholly owned subsidiaries — Ceigall Green Energy MH1 Limited and Ceigall Green Energy MH2 Limited. Subsequently, Ceigall disclosed the development to stock exchanges on March 25 under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements.
As reported by The Hindu Businessline, the first agreement covers a 190 MW solar power project to be developed across four districts in Maharashtra. The project will supply electricity to MSEDCL at a tariff ranging between ₹2.72 and ₹2.84 per unit.
In terms of investment, the Engineering, Procurement and Construction (EPC) cost for this project is estimated at approximately ₹772 crore, including GST.
In addition to the larger project, Ceigall will develop a 147 MW solar project across two districts in Maharashtra. This project will deliver power at a tariff of ₹2.86 per unit.
The EPC cost for this installation is estimated at around ₹597 crore.
Combined, the two solar power projects represent a total EPC value of approximately ₹1,369 crore. Both projects fall under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, a Maharashtra government initiative designed to promote solar power generation for agricultural electricity supply.
Ceigall India plans to complete construction of both solar projects within 18 months. Once operational, the facilities will supply electricity to MSEDCL under a long-term Power Purchase Agreement spanning 25 years.
This long-term arrangement ensures predictable revenue streams while supporting Maharashtra’s efforts to expand renewable energy capacity.
Investors responded positively to the announcement. Ceigall India’s stock closed at ₹275.40 on the NSE on Wednesday, representing a 3.85% increase from the previous closing price of ₹265.20. During the trading session, the stock also reached an intraday high of ₹280.20.
Traditionally known for its highway and expressway EPC projects, Ceigall India has gradually expanded its presence in the renewable energy sector.
According to Chairman and Managing Director Ramneek Sehgal, the new agreements represent a strategic step toward transforming the company into a developer and operator in India’s clean energy market, rather than remaining solely a construction contractor.
The company clarified that the agreements do not involve any related-party transactions. Additionally, Ceigall’s promoters and group companies hold no interest in MSEDCL, ensuring that the projects comply with regulatory and governance standards.
Overall, the agreements highlight Ceigall India’s growing role in India’s renewable energy expansion, while supporting the country’s broader transition toward sustainable and clean power generation.

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