According to reports from CNBC TV18, Ceigall India's wholly owned subsidiaries, Ceigall Green Energy MH1 Limited & Ceigall Green Energy MH2 Limited, secured significant orders from Maharashtra State Electricity Distribution on March 24. The combined engineering, procurement, and construction (EPC) value of the two projects stands at approximately ₹1,369 crore (inclusive of GST), with an execution timeline of 18 months. As per CNBC TV18, the agreements cover the development of solar photovoltaic projects with a total capacity of 337 MW under the Mukhyamantri Saur Krushi Vahini Yojana 2.0, including a 190 MW project across four districts and a 147 MW project across two districts in Maharashtra.
As reported by CNBC TV18, the first order worth ₹772 crore (including GST) was received by Ceigall Green Energy MH1, involving development of 190 MW capacity across four districts in Maharashtra. The second order, bagged by Ceigall Green Energy MH2, valued at ₹597 crore (including GST), will involve development of 147 MW capacity spanning two districts. Both orders fall under Mukhyamantri Saur Krushi Vahini Yojana 2.0, with long-term power purchase agreements (PPA) for 25 years. The projects are expected to be executed over 18 months, followed by operations and maintenance, with a long-term commitment to supply power for 25 years under the PPA framework.
According to the regulatory filing reported by CNBC TV18, under the long-term PPA framework, Ceigall Green Energy MH1 will operate, maintain and supply power at a quoted tariff of ₹2.72 to ₹2.84 per unit. The second project will operate at a quoted tariff of ₹2.86 per unit. The company has also secured two additional orders from Purvah Green Power Pvt worth ₹298 crore for execution in Andhra Pradesh, with a 10-month construction period.
As reported by CNBC TV18, Chairman and Managing Director Ramneek Sehgal stated that "These PPAs mark a decisive step in building a scaled, long-duration renewable energy platform for us. We are prioritising assets and opportunities that combine execution visibility with long-term annuity-style returns." The company is focused on building a scalable renewable platform with long-term annuity-style returns as India accelerates its clean energy transition. Following the announcement, shares of Ceigall India surged 5.66%, hitting the intraday high of ₹280.20 before closing at ₹272.05, still 2.58% above Tuesday's closing. The stock has declined 5.5% over the last one month.
