Sterling and Wilson Renewable Energy shares gain 5% as firm wins orders worth Rs 985 crore

Sterling & Wilson Renewable Energy Ltd (SWREL) shares rose 5% on Tuesday after the renewable energy engineering, procurement and construction (EPC) company announced that it had secured two orders in India and South Africa with a combined value of more than Rs 985 crore, including taxes.

The company has secured a domestic order in Rajasthan for 534.3 MWp from a leading independent power producer (IPP) in India. It has also won an international order in South Africa comprising two battery energy storage system (BESS) projects, each with a capacity of 308 MWh, taking the total energy storage capacity to 616 MWh, according to its exchange filing.

Sterling and Wilson Renewable Energy shares rose 4.76% on Tuesday, hitting a high of Rs 181.50, compared with their previous close of Rs 173.35.

The Rajasthan order has been secured from a new customer and involves a Balance of System (BOS) package, while the South African project has been awarded by a repeat customer and involves a BESS turnkey EPC wrap project, the company said.

The company said the South African order is the second-largest utility-scale BESS project to be undertaken by SWREL. The Rajasthan project is estimated to reduce carbon dioxide emissions by approximately 0.80 million tonnes upon commissioning, according to the company.

Commenting on the order wins, Chandra Kishore Thakur, Global CEO of Sterling and Wilson Renewable Energy, said, "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 is a global renewable EPC solutions provider offering services across utility-scale solar, floating solar, hybrid and energy storage, and wind projects. The company has a portfolio of more than 28.7 GWp, including commissioned projects and projects under construction, and manages an O&M portfolio of 18.3 GWp of solar projects. It has operations across 28 countries.