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Thursday, February 25, 2021

Sterling and Wilson Solar surges 6% on Rs 1,600 crore orders

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Shares of Sterling and Wilson Solar climbed 6 per cent in Monday’s trade after the engineering firm bagged two large solar projects worth 300 million Australian dollars or Rs 1,600 crore.

The two Australian orders will have an installed capacity of over 300 mw.

The stock rose 6 per cent to hit a high of 284.95 on BSE.

The work on the new projects, which have been secured from a global independent power producer (IPP), would commence immediately.

The solar EPC and O&M engineering procurement and construction company already has three projects of over 800 mw under construction in the region.

Director and Global CEO Bikesh Ogra said that that the company now has an order book of Australian 1.2 billion dollars Rs 6,350 crore in Australian with five projects and a portfolio of more than 1.1 GW, making the company the largest home-grown solar EPC player in the region.

“With the continent’s regulatory environment becoming more conducive towards renewable energy and the prevalence of high electricity tariff, the commercial viability of solar projects is improving,” Ogra said.

Sterling and Wilson Solar has been executing projects globally and has to its credit more than 10.6 GW of solar power projects commissioned and under various stages of construction in various geographies. This portfolio includes a 1,177 MW Solar PV plant in Abu Dhabi, which is the world’s largest single-site solar plant.

The company also manages a portfolio of 7.4 GW of O&M projects globally.

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