News

Ceigall India shares rise 6% after winning ₹1,369 crore solar PPA projects in MaharashtraCeigall India signs 337 MW solar PPAs with MSEDCL under Mukhyamantri Saur Krushi Vahini Yojana 2.0 boosting renewable push as shares rise to ₹280.20 before closing lower.By Gareema Bangad  March 25, 2026, 4:23:51 PM IST (Published)2 Min ReadShares of Ceigall India Ltd rose nearly 6% during trading on Wednesday, March 25, after its wholly-owned subsidiaries signed power purchase agreements (PPAs) with Maharashtra State Electricity Distribution Company Ltd (MSEDCL) for a total solar capacity of 337 MW.

The agreements, executed through Ceigall Green Energy MH1 Ltd and MH2 Ltd, are part of the Mukhyamantri Saur Krushi Vahini Yojana 2.0 and involve setting up solar photovoltaic power projects across multiple districts in Maharashtra.

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, with a combined EPC cost of about ₹1,369 crore, including GST.

Chairman and Managing Director Ramneek Sehgal said, "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, he added.

The company said 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.

Tariffs for the projects range from ₹2.72 to ₹2.86 per unit, the company added.

Ceigall India said the agreements mark a strategic step in expanding its presence in the renewable energy segment, complementing its existing EPC business in infrastructure.

The company added that the projects will strengthen its order book visibility and establish a long-term presence in solar power generation.

On Tuesday, the infrastructure company also received two EPC work orders from Purvah Green Power Private Limited, totalling approximately ₹298 crore, for projects in Andhra Pradesh.

Following the announcement, shares of Ceigall India surged 5.66%, hitting the intraday high of ₹280.20. The stock then pared some of its gains to close at ₹272.05, still 2.58% above Tuesday's closing. It has declined 5.5% over the last one month.Continue ReadingTagsMaharashtra governmentshare market todaySolar energy