Mumbai-based Sterling & Wilson Solar—an associate of Shapoorji Pallonji Group—has received a Letter of Intent (LOI) to carry out engineering, construction and procurement (EPC) job for a 1.09 GW DC solar farm in the Middle East. The order is valued at approximately US$635 million.
“The Limited Notice to Proceed against the same has also been provided by the Customer”—stated the company in its BSE filing.
Earlier this month, the company’s Australian subsidiary—Sterling & Wilson Solar Australia—executed an EPC contract for a 200 MW DC solar farm in Australia amounting to AUD 220.83 million.
In August, Sterling & Wilson Solar became the first Indian solar company to go public. It raised Rs 29 billion as against the expected Rs 31.25 billion, with the IPO’s institutional portion oversubscribed.
As per a filing with BSE, “Sterling & Wilson Solar had order book of Rs 38,320 million and LOI of Rs 39,080 million (of which Rs 21,960 million were converted into deﬁnitive EPC contracts since March 31, 2019 until August 10, 2019) as of March 31, 2019, which is being executed as per the plan. Further, it continues to bid for new projects globally and has a strong balance sheet.”
Capacity wise, as of March 31, Sterling & Wilson Solar had an installed capacity of 5.27 GW and nearly 1.6 GW of projects under implementation. The company also had 5.56 GW of solar power plants under O&M contracts, of which 28.3% were third-party contracts.
For 2018-19, 98.9% of the company’s revenue came from its EPC business. The rest came from its O&M division.