Sterling and Wilson Renewable Energy (SWRE) has received approval from its Board of Directors to raise ₹15 billion (~$180.38 million) through issuing a variety of financial instruments.

The company said the fundraising will be via equity shares, global and domestic depository receipts, foreign currency convertible bonds, partly convertible debentures, non-convertible debentures, and other instruments that can be converted into equity shares.

The company plans to do this in one or more phases through public or private offerings, including qualified institutional placements.

Recently, Sterling and Wilson secured a letter of intent from Gujarat Industries Power Company for the engineering, procurement, and construction of a 600 MW solar power project at Khavda Solar Park. Consisting of two 300 MW blocks, the project encompasses design, engineering, supply, construction, testing, commissioning, and a three-year operation and maintenance contract. The total contract value, including taxes and duties, is approximately ₹11.3 billion (~$136.1 million).

The company’s consolidated net loss was reduced by 73% year-over-year (YoY) to ₹950 million (~$11.6 million) for the first quarter of the financial year 2023-24 from a loss of ₹3.56 billion (~$43.4 million) due to higher contribution from the domestic EPC segment. The company posted a YoY decrease of 57% in revenue at ₹5.15 billion (~$62.7 million). This was mainly due to an 84% fall in revenue from its international EPC operations to ₹1.59 billion (~$19.4 million).

In March, Sterling and Wilson bagged NTPC’s tender for the balance of system package to develop 1.2 GW solar projects at Khavda Renewable Park in Gujarat. The aggregate capacity of the project is approximately 1.5 GW. The total bid value, including the three-year operation and maintenance, was ₹21 billion (~$254 million).

In February 2022, Reliance New Energy Solar, the green energy arm of Reliance Industries, completed the 40% stake acquisition in Sterling and Wilson Renewable Energy.