Whalesbook
Madhav Infra Projects Limited announced on April 23, 2026, that it has finalized 9 Power Purchase Agreements (PPAs) covering 73.15 MW of solar capacity. These projects were awarded under the Feeder level Solarization component of the PM-KUSUM C Yojana scheme and are with Madhya Pradesh Power Management Company Limited (MPPMCL), a government entity.
Each PPA has a term of 25 years from the scheduled commissioning date. The approved tariff for the power generated ranges from Rs. 2.71 to Rs. 2.73 per unit.
This development marks a significant expansion for Madhav Infra's renewable energy portfolio. The company will now generate revenue by supplying electricity to MPPMCL under these long-term agreements. This effort solidifies the company's strategy to grow its presence in the solar power sector, leveraging government initiatives.
Madhav Infra, an established Indian infrastructure developer with past experience in power and roads, has been increasingly focusing on renewable energy. Participating in government schemes like PM-KUSUM C Yojana is central to its capacity-building strategy in solar power.
Shareholders can anticipate new, consistent revenue streams from these projects over the next quarter-century. The growth in the company's renewable energy segment will also diversify its overall business operations.
However, future growth will likely depend on securing opportunities within similar government schemes. Project execution timelines and potential commissioning delays could affect when revenue generation begins. The fixed tariffs for 25 years also mean the company's upside potential is limited if energy prices rise significantly in the future.
Madhav Infra operates in a competitive solar sector alongside companies like Sterling and Wilson Renewable Energy Ltd, which also engage in projects under government initiatives.
Investors will be watching the timelines for project commissioning and the start of power generation. Future company updates on project progress, further renewable energy bids, revenue recognition, and any operational issues with MPPMCL's payment systems will be key to track.