on Wednesday executed two long-term Power Purchase Agreements (PPAs) totalling 337 MW of solar capacity with Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL), marking the infrastructure firm’s most significant push yet into renewable energy.
The agreements were signed through two wholly owned subsidiaries — Ceigall Green Energy MH1 Limited and Ceigall Green Energy MH2 Limited — on March 24, 2026.
The disclosure was made to stock exchanges on March 25 under Regulation 30 of SEBI’s Listing Obligations and Disclosure Requirements.
The first project covers 190 MW across four districts in Maharashtra at a tariff of ₹2.72 to ₹2.84 per unit, with an EPC cost of approximately ₹772 crore including GST.
The second covers 147 MW across two districts at ₹2.86 per unit, with an EPC cost of around ₹597 crore. Combined, the two projects carry a total EPC value of approximately ₹1,369 crore. Both fall under the state government’s Mukhyamantri Saur Krushi Vahini Yojana 2.0 scheme.
Construction is expected to be completed within 18 months, after which both projects will operate under a 25-year supply commitment to MSEDCL.
Ceigall India’s stock responded positively, closing at ₹275.40 on the NSE on Wednesday — up 3.85 per cent from the previous close of ₹265.20 — touching an intraday high of ₹280.20.
The company, primarily known for highway and expressway EPC work, has been expanding into renewables. Chairman and Managing Director Ramneek Sehgal described the agreements as a step toward positioning Ceigall as a developer-operator in India’s clean energy sector, rather than purely a construction contractor.
The projects do not involve any related-party transactions, and neither promoters nor group companies hold any interest in MSEDCL.