Sterling & Wilson hit upper circuit on bagging Rs 328 core orders for solar, battery projects – EQ
In Short : Sterling & Wilson hit the upper circuit after securing Rs 328 crore in orders for solar and battery projects. This achievement underscores the company’s growing presence in the renewable energy sector and its commitment to advancing sustainable energy solutions.
In Detail : Sterling & Wilson Renewable Energy has secured contracts for a 1,000 MWhr battery storage system in Rajasthan and a 20 MW floating solar project in Karnataka, totaling Rs 328 crore.
Shares of Sterling and Wilson Renewable Energy hit 5 percent upper circuit on July 26 after the company bagged an order to set up a 500×2 (1,000 MWhr) – standalone battery energy storage system plant in Rajasthan.
The order entails engineering, design, procurement, erection, testing and commissioning of 500 x 2 (1,000 MWhr) – standalone BESS plant in Rajasthan, a company statement said. However, the company did not disclose the name of the company from which it got the project.
The company also secured a 20 MW Floating Solar project in Karnataka from the same client, which marks the third floating solar project the company is currently executing in the country. The total value of the letter of intent (LOI) for both projects stood at Rs 328 crore.
Sterling and Wilson Renewable Energy Limited (SWREL) is a global pure-play, end-to-end renewable engineering, procurement, and construction (EPC) solutions provider.
This GWhr-scale project is India’s Largest Battery Energy Storage (BESS) project to date and one of the very few projects of GWhr scale in a single location globally which shall be executed by 2025, a company statement said in a regulatory filing.
The total installed capacity of BESS in India currently stands at around 219 MWhr, as of March 2024.
At 1:27 pm, Sterling & Wilson shares were trading 3.2 percent higher at Rs 681.70 on the National Stock Exchange (NSE). Over the past year, the stock has gained 87 percent.
In comparison, Nifty delivered returns of around 23 percent during the same time period. Year-to-date, Cyient shares have surged more than 53 percent.
