Mumbai-based Sterling and Wilson Solar Limited (SWSL) has announced that it has signed an order worth US$ 127.5 million (INR 930 crore) in the Kom Ombo region of Egypt.
The Indian multinational EPC player bagged the order from Saudi Arabia’s leading renewable energy company. The plant is scheduled to be commissioned before March 2022, according to the company release.
Sterling and Wilson Solar Limited is one of the largest solar EPC and O&M solution providers globally, which has already executed five projects aggregating to over 322 MWp in Benban Solar Park in Egypt.
Bikesh Ogra, director and global CEO, Sterling and Wilson Solar Limited, said their latest plant would be one of Egypt’s largest solar projects.
“Sterling and Wilson Solar’s consistent focus towards quality, performance, client centricity, and execution has helped us win projects in strategically located markets that have conducive solar power policies and high solar resources. Winning this project is an important milestone and further strengthens our focus in the MENA region, which has been a key market for us,” he added.
Sterling and Wilson Solar Limited has more than 10.6 GWp of solar power projects (commissioned and under various construction stages) in multiple geographies. The company also manages 8 GWp of operation and maintenance projects globally. Having executed multiple projects in MENA with a portfolio of around 2 GWp, Sterling and Wilson Solar is a leading renewable player in this region.
Sterling and Wilson Solar’s revenue from operations for nine-month ended December 31, 2020 increased by 6% to INR 3,716 crore. Profit after tax stood at INR 54 crore. From April 1, 2020 until December 31, 2020, it bagged the orders for a cumulative 1.5 GW amounting to INR 6,116 crore, which is 133% of the restated FY2019-20 order inflow (after exclusion of non-contracted projects). The latest INR 930-crore project win in Egypt takes the order book flows to INR 7,046 crore during the year 2020-21 to date.
Commenting on the results, Bikesh Ogra, Director and Global CEO, Sterling and Wilson Solar Limited, said, “Despite challenging environment due to pandemic, we have seen healthy order inflows which have exceeded last year restated order inflows and are optimistic of getting more orders during this fiscal. With our continued success in Australia and South America, positive change in government policies in the USA towards solar power, and having established a strong team in Europe, the potential for growth in the coming years continues to be robust.”
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