Que: Ceigall India has made a name for itself in the infrastructure sector, but what pushed you to step into renewable energy?

Ans: Ceigall has built deep expertise in EPC and infrastructure — roads, tunnels, expressways, etc. As an EPC company, we already have project execution capabilities, access to capital, and operational discipline, all of which are helpful for building large solar installations. We secured letters of Intent from MSEDCL to develop 337 MW Solar power and stands successful bidder (L-1) for Rewa Ultra Mega Solar Limited (RUMSL) for 300 MWAC Grid-Connected Ground-Mounted Solar Photovoltaic (PV) Project with Battery Energy Storage Systems (BESS) at Morena Solar Park, Madhya Pradesh. By entering solar power, we are broadening our portfolio into a high-growth, capital-intensive sector that is closely aligned with our core EPC skill set.

Renewable space will define the future of infrastructure and sustainable development. This means long-term recurring cash flows (via PPA) and a stable asset base, which complements more transactional EPC business. By stepping into renewables, Ceigall is positioning itself as not just a builder, but a sustainable infrastructure company. This can also help attract ESG-conscious investors, win green funding, and enhance brand reputation.

Que: Why did you decide to start with Maharashtra and the Mukhyamantri Saur Krushi Vahini Yojana 2.0 for your first renewables project? Was there something about this location or scheme that stood out?

Ans: Project tariff, location and ease of work attracted Ceigall to participate for the works. Guaranteed Offtake, PPA, Payment Mechanism schemes are stronger than any other state and as such attracts such participation. Furthermore, large and reliable Project Pipeline allows for future business opportunities. Some other reasons include good solar resources, established infrastructure and ease of land availability.

Que: Are you teaming up with any specific technology partners, EPC contractors, or financial institutions for these projects?

Ans: We already have experience from our infrastructure (highway) sector projects, where it has been mandatory for the past few years to implement and operate works using solar energy. The supply chain was already in place, so it was merely a matter of scaling it up for standalone renewable projects.

Que: Looking ahead, do you have plans to move into other states or explore different renewable sectors like wind, green hydrogen, or waste-to-energy?

Ans: Ceigall is exploring potential opportunities across renewables (Solar, BESS, T&D) into various other states with healthy and favourable policy frameworks. While our immediate focus is on deepening our footprint in our current markets, we’re actively evaluating opportunities to expand into additional states where policy support and demand for clean energy are strong.

Ceigall is exploring possible avenues of high and attractive return domains into renewables. Our approach is to enter these sectors selectively, guided by market maturity, project viability, and partnerships that align with our long-term strategy.

Que: How much of Ceigall India’s future revenue do you see coming from renewables?

Ans: Our future revenue from renewables is expected to be significant. As of September 2025, renewables make up about 21.8 percent of the order book, indicating that a meaningful portion of upcoming projects comes from this sector.

Renewable energy projects could constitute at least 25 percent of new order inflows, aiming to reach 1 GW capacity within a year. Thus, looking ahead, approximately one-fifth to one-quarter (around 22 percent to 25 percent) of Ceigall India's future revenues are expected to come from renewables, driven largely by solar power projects and growth in renewable energy contracts.

Que: When it comes to scaling up renewable projects, what kinds of obstacles do you expect—regulatory roadblocks, financial hurdles, technological gaps? How do you plan to tackle them?

Ans: Scaling renewable projects in India is a high-potential opportunity, but it comes with its own set of challenges. We anticipate three major categories of obstacles:

• Regulatory & land-related challenges: Engaging early with state nodal agencies and Discoms to ensure timely approvals.
• Financial & Execution hurdles: This is a capital intrinsic sector with upfront investments – long-term debt, strategic partnerships with vendors allow to minimise such risks.
• Technological & Grid integration issues: High plant efficiency, robust O&M systems with partnerships with global technology providers and component manufacturers, best-in class-solutions enable curving out such hurdles.