Mumbai: Engineering and renewable energy firm Sterling & Wilson Renewables Ltd. (SWREL) has secured a major solar-power contract in South Africa valued at ₹1,313 crore, the company announced today in a press release. The project involves setting up a 240 MW AC solar PV project in South Africa for a leading domestic company.
With this SWREL, is now implementing four turnkey Solar PV projects in South Africa. For Engineering, Procurement and Construction (EPC) firms, South Africa has been a lucrative market, mainly due to growing corporate demand, declining costs and improved grid stability. Currently, the company gets about 84% of its orders from India, while the rest are based in South Africa and Europe. With this, the company now has an order book worth ₹5,088 crore.
“We are very excited to announce our second international order from South Africa this fiscal within a span of two months. South Africa remains a key international market for us where we are currently implementing four PV projects with four reputed customers reflecting our strong value proposition and positioning in this market. With this order win, SWREL has now achieved ~INR 5,088 crore of order inflows this fiscal, and ordering momentum continues to remain robust,” Mr. Chandra Kishore Thakur, Global CEO, Sterling and Wilson Renewable Energy Limited said.
SWREL’s shares were trading at ₹230.64 on November 27, 2.09% higher than the previous day.
