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Ceigall India has secured ₹712 crore worth of contracts from the Maharashtra State Electricity Board to set up solar power projects across two districts. The stock gained 2% intraday following the announcement.
Ceigall India is a construction company that builds roads, bridges, tunnels, highways, and runways through different types of government project contracts.
The deets: Ceigall India has been selected to build solar power plants with a total capacity of 147 MW. Basically, it can generate roughly 220-250 million units of clean electricity each year, enough to power over 1.5 lakh rural homes or thousands of irrigation pumps.
The project is part of the Mukhyamantri Saur Krushi Vahini Yojana 2.0, a scheme promoting solar power for agricultural consumers.
It will include handling all engineering and construction work, and then running and maintaining it for the next 25 years.
During this time, Ceigall will supply the generated electricity to the Maharashtra State Electricity Distribution Company (MSEDCL) under a long-term power supply deal. The construction and execution phase for the project is scheduled to be completed within 18 months.
Big picture: Maharashtra is emerging as one of India’s leading solar power hubs, with 250-300 sunny days every year. The state’s strong sunlight can generate 1.5-2.5 million units of electricity per megawatt annually.
With this deal, Ceigall is not only diversifying beyond roads and highways but also positioning itself in the fast-expanding renewable energy market.
