Ceigall India Executes 15 PPAs for 130 MW Solar Capacity in Madhya Pradesh

On April 1, 2026, Ceigall India Limited, through its wholly owned special purpose vehicle (SPV) Ceigall Green Energy MP Limited, finalized the execution of 15 Power Purchase Agreements (PPAs) with the Madhya Pradesh Power Management Company Limited (MPPMCL). The agreements represent a total solar capacity of 130 MW developed under the Surya Mitra Krishi Feeder Yojana (SMKFY). This transaction, disclosed to stock exchanges on April 2, 2026, in compliance with SEBI regulations, initiates a 12-month construction phase followed by a long-term operational commitment to the state’s agricultural energy infrastructure.

Technical Project Parameters

The following table details the commercial and technical specifications for the 130 MW solar portfolio:

The Surya Mitra Krishi Feeder Yojana (SMKFY) Framework

The Surya Mitra Krishi Feeder Yojana serves as a strategic extension of the central government’s PM-KUSUM-C initiative, which has a total target capacity of 1,725 MW in Madhya Pradesh. The primary technical objective of SMKFY is the solarization of agricultural feeders to provide reliable daytime power for irrigation, effectively shifting agricultural load away from peak evening hours.

Under this decentralized model, power is injected directly into the low-voltage (11 kV) side of existing 33/11 kV substations. This configuration allows solar generators to function as “distributed voltage regulators” through reactive power management—injecting reactive power during low-voltage periods and absorbing it during high-voltage surges to stabilize the local grid. By matching solar capacity to transformer ratings, the scheme effectively doubles the usable daytime capacity of distribution transformers without requiring additional capital expenditure for infrastructure upgrades. This localized generation at the point of consumption significantly reduces transmission and distribution (T&D) losses, contributing to an estimated state-wide annual saving of approximately ₹1,248 crore compared to large-scale interstate transmission-connected projects.

Financial and Regulatory Disclosures

The execution of these PPAs was conducted by Ceigall Green Energy MP Limited, a subsidiary established specifically for this cluster. Ceigall India Limited issued formal disclosure of the transaction under Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

The project involves a total Engineering, Procurement, and Construction (EPC) investment of ₹572 crore. The discovered tariff of ₹2.85 per unit is among the lowest recorded for decentralized solar projects in India and was achieved without any reliance on government subsidies. This financial structure ensures long-term fiscal viability for the DISCOMs while providing the developer with a stable, predictable revenue stream.

Project Timeline and Operational Term

The project adheres to a standard utility-scale lifecycle to ensure high asset availability and grid integration:

• Construction/Execution Period: 12 months from the date of PPA execution.
• Operational and Maintenance Period: 25 years.
• Revenue Visibility: The 25-year fixed-tariff agreement provides long-term cash flow visibility, supporting the company’s capital allocation strategies in the renewable sector.

Management Commentary

Ramneek Sehgal, Chairman & Managing Director of Ceigall India Limited, provided a formal statement regarding the finalization of the agreements:

“Completing the execution of all 15 PPAs marks a significant step in strengthening Ceigall’s presence in India’s renewable energy sector. The Surya Mitra Krishi Feeder Yojana is a major initiative supporting clean and reliable energy, and we are pleased to contribute to its implementation. This achievement reflects our commitment to developing sustainable, high-quality solar assets that support India’s long-term energy transition.”

Corporate Context: Strategic Diversification

Ceigall India is currently executing a strategic pivot toward becoming an integrated infrastructure developer, diversifying its historical expertise in highways, expressways, bridges, and tunnels into a growing renewable energy portfolio.

As of early 2026, the company’s renewable energy pipeline exceeds 550 MW. Key assets in this portfolio include:

• Maharashtra Cluster: 337 MW of solar capacity secured under the Mukhyamantri Saur Krushi Vahini Yojana 2.0 (MSKVY 2.0).
• Morena Project (Madhya Pradesh): A technically complex 220 MW solar project integrated with a Battery Energy Storage System (BESS), secured from Rewa Ultra Mega Solar Limited (RUMSL).
• SMKFY Cluster (Madhya Pradesh): The current 130 MW decentralized solar portfolio.

This diversification into solar and battery storage solutions leverages Ceigall’s established EPC capabilities to target high-growth segments of India’s energy transition.