Sterling and Wilson Solar Limited (SWSL), a solar engineering, procurement, and construction (EPC) company, announced that it signed an EPC contract in Australia worth AUD 525 million (~₹25.29 billion).
It also stated that it bagged an operations and maintenance (O&M) contract for AUD 85 million (₹44.09 billion) for 20 years, according to its filing on the Bombay Stock Exchange (BSE), adding that it secured both contracts within 15 months of its presence in Australia.
It noted that with its cumulative orders in the country now at nearly AUD 1 billion (~₹48.18 billion), it is one of the largest solar EPC players in the nation’s market. It said that it expected a substantial portion of its international revenue for the current financial year would come from Australia, South America, and the U.S., where solar project constructions are back at full swing.
The company further said that in addition to this, it has also signed two projects in India to the tune of ₹6.2 billion (~$82.5 million) despite the ongoing coronavirus crisis. The company added that its renewable projects in India will also contribute to its revenues, now that they have been allowed to restart following the government’s easing of lockdown restrictions.
“This is our largest order in Australia and is a culmination of efforts to break new ground in countries like Australia, the United States, and South America, where SWSL has invested in a strong team that is completely aligned with the local requirements,” said Bikesh Ogra, Director and Global CEO, Sterling and Wilson Solar Limited.
Recently, the company announced that it received ₹5 billion (~$66.8 million) towards the outstanding loans from its parent company, Sterling and Wilson Private Limited (SWPL) and its subsidiary, Sterling and Wilson International FZE (SW FZE).
Also, earlier, it was reported that SWSL approved the merger of Sterling & Wilson Waaree, with Sterling & Wilson Solar. SWSL is the solar engineering and construction arm of the Shapoorji Pallonji Group. Sterling and Wilson Waaree, a wholly-owned subsidiary of Sterling & Wilson Solar, was set up as a special purpose vehicle for the execution of a 9 MW project in Niger awarded by the country’s Ministry of Energy and Petroleum.
Nithin is a staff reporter at Mercom India. Previously with Reuters News, he has covered oil, metals and agricultural commodity markets across global markets. He has also covered refinery and pipeline explosions, oil and gas leaks, Atlantic region hurricane developments, and other natural disasters. Nithin holds a Masters Degree in Applied Economics from Christ University, Bangalore and a Bachelor’s Degree in Commerce from Loyola College, Chennai.