Sterling and Wilson International Solar FZCO (SWFZCO) has announced in a BSE filing that it has fully acquired the equity share capital of Sterling and Wilson Middle East Solar Energy (SWME Solar).

SWFZCO, a 100% subsidiary of Sterling and Wilson Solar, the solar engineering and construction arm of the Shapoorji Pallonji Group, increased its shareholding in SWME Solar from 147 fully paid equity shares of AED 1,000 (~$272), representing 49%, to 300 fully paid-up equity shares representing 100% of the shareholding. The cost of acquisition at which the shares were acquired was AED 153,000 (~$41,645).

SWME Solar, which was originally incorporated as Sterling and Wilson Powergen LLC in 2010, is engaged in solar energy systems installation, solar energy systems and components trading, and solar energy systems rental in the Middle East.

Earlier this year, Solar developer Amplus Solar had announced the acquisition of 17 on-site operational solar projects spread over Haryana, Punjab, Madhya Pradesh, Rajasthan, Maharashtra, Telangana, and Karnataka, totaling 7.2 MW from Sterling and Wilson.

In March this year, Sterling and Wilson signed an agreement to sell 75 MW of its operational solar assets in Telangana to Adani Green Energy Limited for ₹4.46 billion (~$61.45 million). The projects were commissioned in 2017 and had long-term power purchase agreements with the Southern Power Distribution Company of Telangana.

Recently, Sterling and Wilson Solar announced that it recorded a revenue of ₹11.95 billion (~$161.12 million) in the first quarter (Q1) of the financial year (FY) 2022, up from the ₹10.68 billion (~$144.07 million) in the same quarter in FY 2021, a growth of 11.8%.

The company said revenue was higher in Q1 FY 2022 than Q1 FY 2021 when project execution was adversely impacted due to Covid-19. In Q1 FY 2022, the company registered a loss of ₹760 million (~$10.24 million). The company’s earnings before interest, taxes, depreciation and amortization (EBITA) turned negative in 1H 2022 and stood at ₹870 million (~$11.73 million). In the same period last year, the company had earned a profit of ₹190 million (~$2.56 million).