Ceigall India Executes 220 MW Solar-BESS Power Purchase Agreement Worth Approximately ₹1,700 Crore

Key Metrics:

What Happened ?

Key Details

Power Purchase Agreement Details:

• Power Purchase Agreement executed between Ceigall Morena Solar BESS Park Limited and Rewa Ultra Mega Solar Limited.
• Project capacity stands at 220 MW.
• Project location is Morena Solar Park, Morena, Madhya Pradesh.
• The project is based on Solar Power integrated with Battery Energy Storage Systems (BESS).
• Agreement executed on 29 June 2026.
• Awarding entity is Rewa Ultra Mega Solar Limited.
• Project awarded by a domestic entity.
• Tariff quoted is ₹2.70 per kWh.
• Approximate project value is ₹1,700 crore (including GST).
• Construction period is 18 months.
• Operational period extends for 25 years.
• The promoter group has no interest in the awarding entity.
• The contract is not a related-party transaction and will be executed on an arm’s length basis.

Note:

• The disclosure follows Ceigall India’s earlier communication dated 13 February 2026 regarding the project and confirms the formal execution of the Power Purchase Agreement.

Risk Analysis

Summary:

• While the executed PPA strengthens Ceigall’s renewable energy portfolio with long-term revenue visibility, project execution remains dependent on timely construction, regulatory compliance and operational performance over the concession period.

Key Risks:

• Delays during the 18-month construction phase could impact commissioning schedules.
• Execution of integrated Solar and BESS infrastructure requires efficient project management.
• Long-term project returns depend on operational reliability throughout the 25-year contract period.
• Regulatory or policy changes in the renewable energy sector may affect project economics.

Worst Case:

• Construction delays or operational underperformance could postpone revenue generation and reduce expected project returns.

Risk Level: Medium

Company Commentary

• Ceigall Morena Solar BESS Park Limited has formally executed the Power Purchase Agreement with Rewa Ultra Mega Solar Limited.
• The agreement covers development of a 220 MW Solar and Battery Energy Storage System project.
• The company confirmed an approximate project value of ₹1,700 crore (including GST).
• The project will be executed under an 18-month construction timeline followed by 25 years of operations.
• The company confirmed that the transaction is not a related-party transaction and no promoter interest exists in the awarding entity.