Sterling and Wilson Renewable Energy Ltd (SWREL) has reported an order inflow of INR 4,387 crore ($535.43 million) in FY 2023, 510% up from INR 719 crore in FY 2021-22. As on March 31, 2023, the company’s unexecuted order book stood at INR 4,913 crore.
SWREL provides EPC services for utility-scale solar, floating solar, and hybrid & energy storage solutions and has a total EPC portfolio of 14.7 GWp. It has also contracted 6.4 GW of O&M business for 146 sites (including third-party).
The solar and energy storage EPC provider is planning to collaborate with competent agencies for support towards development of robotic system for module cleaning, suiting to the company’s in-house designs.
During FY 2022-23, SWREL’s total revenue from operations stood at INR 2,015 crore, 61.2% down from INR 5,199 crore in FY 2021-22. The EPC business contributed 90.5% to SWREL’s overall revenue, while the remaining 9.5% was contributed by the O&M business.
The consolidated loss after tax amounted to INR 1,174.96 crore in FY 2022-23 as against a loss of INR 915.76 crore in FY 2021-22.
“Profitability was impacted as the industry witnessed the high cost of solar modules, driven by increasing input cost primarily on account of silicon and supply chain issues such as shortage of shipping containers,” stated the company. “Steel, which constitutes 5-10% of the total cost of solar projects, witnessed an increase of 25% in cost during the period. Total expenses on construction material, stores, and spare parts increased, and freight cost to India also increased, adversely impacting anticipated returns of solar power projects.”
Key highlights in FY 2022-23
SWREL bagged orders worth over INR 4,000 crore from NTPC REL for solar PV projects of 1,568 MW DC and 1,500 MW DC at Khavda RE Power Park in Gujarat. It also secured two utility-scale solar projects of 121.2 MWp each from Amplus Solar, a 260 MW DC project from Serentica Renewables in Bikaner, Rajasthan, and 60 MWp from Ampyr Renewable Energy, and another 60 MWp from Sembcorp.
The company signed an MoU with the government of Nigeria to develop and construct a portfolio of PV and battery energy storage system projects. With consortium partner Sun Africa, it will develop 961 MWp of solar at five locations with a total installed BESS capacity of 455 MWh.
SWREL also bagged an order for the O&M of a 140 MWp floating solar project.
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