L&T wins mega orders to build 3.5 GW solar PV plants in Middle East – EQ
In Short : L&T secures major contracts to construct 3.5 GW solar PV plants in the Middle East. These projects will significantly boost the region’s renewable energy capacity and support the transition to sustainable energy sources.
In Detail : Following the Middle East deal, the current portfolio of L&T’s renewables unit is set to touch 22 GWp (Gigawatt Peak) cumulative capacity, comprising solar and wind generation projects already commissioned and those in the making, according to the company.
Larsen & Toubro’s renewable energy arm has secured mega orders with an undisclosed Middle East-based player to develop Gigawatt scale Solar PV plants with a cumulative capacity of 3.5 GW, the infra major informed the exchanges on July 8.
The deal also includes scope for grid interconnections encompassing pooling substations and overhead transmission lines. The company said detailed engineering and initial construction work are expected to commence shortly.
The deal is worth between Rs 10,000 crore and Rs 15,000 crore, according to the filing.
Shares of Larsen & Toubro were trading 0.53 percent down at Rs 3,608 on NSE at 11:21 am.
Earlier in June, the firm had announced securing a solar-cum-storage plant order in India.
Following the Middle East deal, the current portfolio of L&T’s renewables unit is set to touch 22 GWp (Gigawatt Peak) cumulative capacity, comprising solar and wind generation projects already commissioned and those in the making, according to the company.
S N Subrahmanyan, chairman & managing director, L&T, said, “The Middle East is far ahead in creating sustainable energy infrastructure and in providing a smart lifestyle. These orders are welcome additions to our green portfolio, as we build the company of the future with next-generation technologies”
T Madhava Das, whole-time director & senior executive vice president (Utilities) – L&T, said, “The successive order wins stand testimony to our proven engineering and project management capabilities to meet the requirements in terms of plant performance, workforce mobilisation, safety, quality and timeline. We cherish this level of customer trust”.
