Sterling and Wilson Renewable Energy (SWREL) has secured a major EPC contract worth around Rs 1,313 crore (about $147 million) for a 240 MW AC solar project in South Africa.
This is the company’s second international order from South Africa in the current fiscal year.
SWREL’s four projects now underway in South Africa
With this latest contract, the Mumbai-based renewable engineering, procurement and construction (EPC) player is now working on four turnkey solar PV projects with four different developers in South Africa. The company said that the two projects it won last fiscal have seen strong operational progress, helping it build a firm foothold in the region.
The two recent project wins in the last two months add further momentum and expand its business in the South African market.
SWREL’s EPC order inflows cross Rs 5,088 crore
Commenting on the order win, Chandra Kishore Thakur, Global CEO of Sterling and Wilson Renewable Energy, said: “South Africa remains a key international market for us where we are currently implementing four PV projects with four reputed customers reflecting our strong value proposition and positioning in this market.”
He added that with this order, the company has achieved around Rs 5,088 crore of EPC order inflows this fiscal and expects momentum to stay strong.
Sterling and Wilson Renewable Energy offers utility-scale solar, floating solar, and hybrid and energy storage solutions. The company has a total portfolio of more than 22.8 GWp, including completed and under-construction projects.
Share price of Sterling and Wilson Renewable Energy
The Share price of Sterling and Wilson Renewable Energy gained in Thursday’s trade following the news. However, on YTD basis the stock has seen a significant decline of 51.42%.