Sterling & Wilson Renewable Energy Ltd (SWREL) saw its shares climb 5% on Tuesday following the announcement of two significant new orders. The renewable energy engineering, procurement, and construction (EPC) firm secured projects in India and South Africa with a combined value exceeding Rs 985 crore, including taxes.
The company's domestic win is a 534.3 MWp order in Rajasthan from a prominent independent power producer (IPP) in India. This project involves a Balance of System (BOS) package and marks a new customer relationship for SWREL.
Internationally, SWREL secured a contract in South Africa for two battery energy storage system (BESS) projects. Each project boasts a capacity of 308 MWh, bringing the total energy storage capacity to 616 MWh. This South African order, awarded by a repeat customer, is a BESS turnkey EPC wrap project and represents the second-largest utility-scale BESS project undertaken by SWREL.
Impact and Future Outlook
The Rajasthan solar project is anticipated to significantly contribute to environmental sustainability, with an estimated reduction of approximately 0.80 million tonnes of carbon dioxide emissions upon commissioning.
Commenting on the order wins, Chandra Kishore Thakur, Global CEO of Sterling and Wilson Renewable Energy, stated, "We are delighted to have received two prestigious orders each in Rajasthan and South Africa. Together, these orders reinforce the momentum in our business and the confidence customers place in our capabilities. They also demonstrate the strength of our customer relationships, built on consistent project execution, domain expertise and the skilled manpower we have developed over the years."
SWREL operates as a global renewable EPC solutions provider, offering expertise across various projects including utility-scale solar, floating solar, hybrid and energy storage, and wind. The company's extensive portfolio encompasses over 28.7 GWp of commissioned and under-construction projects, alongside managing an Operations & Maintenance (O&M) portfolio of 18.3 GWp of solar projects across 28 countries.