Ceigall India Limited has informed the Exchange regarding a press release dated March 25, 2026, titled "Ceigall India Strengthens Renewable Portfolio with 337 MW Solar PPAs in Maharashtra".
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Ceigall India, through its wholly owned subsidiaries Ceigall Green Energy MH1 and MH2, has signed two long-term Power Purchase Agreements (PPAs) with Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL) on March 24, 2026, for a combined 337 MW solar power capacity. The MH1 PPA covers 190 MW across four districts with an EPC cost of about Rs. 772 crore, and the MH2 PPA covers 147 MW across two districts with an EPC cost of about Rs. 597 crore, taking the total EPC value to roughly Rs. 1,369 crore (including GST). Tariffs range from Rs. 2.72 to Rs. 2.86 per unit, with an 18-month execution timeline and a 25-year power supply commitment under the state government's Mukhyamantri Saur Krushi Vahini Yojana 2.0 scheme. The order is domestic, with no related-party interest, and marks Ceigall's strategic move from a pure EPC contractor toward a developer-operator in renewables.
This is a sizable order win that materially strengthens Ceigall's order book visibility and signals its expansion into the renewable energy space, which is likely to be viewed positively by investors. The 25-year annuity-style revenue from the PPAs provides long-duration cash flow visibility, though execution risk over 18 months and dependence on a single state counterparty (MSEDCL) remain factors to watch.