Ceigall India Limited secured 2 major Letters of Award (LOA) from Maharashtra State Electricity Distribution Co. Ltd. (MSEDCL) for solar power development under the Mukhyamantri Saur Krushi Vahini Yojana (MSKVY) 2.0.
The total awarded capacity across both projects is 337 MW, split between 190 MW under Round 1 and 147 MW under Round 2, with both projects having a 25-year Power Purchase Agreement (PPA) and 18 months for execution.
Ceigall India was awarded the 190 MW (AC) solar project for four districts in Maharashtra, under the MSKVY 2.0 Round 1 initiative. The project involves constructing a grid-connected solar photovoltaic power plant with an EPC cost of ₹712.16 crore, including GST. The project’s 25-year PPA ensures long-term revenue visibility, with an operational timeline starting from the scheduled commercial operation date (SCOD).
The 18-month execution period is set to begin shortly, followed by a 25-year operational period, making it a key contributor to the state's renewable energy goals. This project does not involve related party transactions, and it is being implemented under a domestic entity’s guidance (MSEDCL).
Alongside the Round 1 project, Ceigall India was also awarded an additional 147 MW (AC) capacity for 2 districts in Maharashtra under the MSKVY 2.0 Round 2 scheme. With an EPC cost of ₹597 crore, including GST, this project mirrors the structure of the Round 1 project with a 25-year PPA and an 18-month timeline for completion.
Both projects are set to contribute significantly to the state's solar energy capacity, with the operational phase spanning 25 years. Like the 190 MW project, this award is also free from related party interests.
These new solar power projects represent a substantial increase in Ceigall India’s footprint in the renewable energy sector. The company’s role as a Solar Power Developer (SPD) under the MSKVY 2.0 scheme ensures that it is positioned as a key player in India’s transition towards cleaner energy. The 25-year PPA structure, paired with the long operational period, brings significant financial stability and revenue certainty for the company.
On October 3, 2025, Ceigall India share price opened at ₹265.70 on NSE, above the previous close of ₹264.10. During the day, it surged to ₹265.70 and dipped to ₹260.00. The stock closed at ₹260.60 by the end of the day. The stock registered a moderate decline of 1.33%.
Over the past week, it has declined by 0.59%, over the past month, it has declined by 1.39%, and over the past 3 months, it has declined by 2.32%.
Ceigall India’s recent win of 337 MW in solar power projects, including both 190 MW and 147 MW projects under MSKVY 2.0, marks a major step forward in the company’s renewable energy strategy. With guaranteed long-term revenue through the 25-year PPAs, Ceigall is set to make a lasting impact on India’s solar power landscape while contributing to sustainable energy goals.
Disclaimer:This blog has been written exclusively for educational purposes. The securities or companies mentioned are only examples and not recommendations. This does not constitute a personal recommendation or investment advice. It does not aim to influence any individual or entity to make investment decisions. Recipients should conduct their own research and assessments to form an independent opinion about investment decisions.
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Published on: Oct 4, 2025, 2:08 PM IST
Team Angel One
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