The renewable EPC major has entered into a 5-year Strategic Partnership Framework Agreement with Adani Green and has also received its first purchase order under this arrangement worth Rs 1,381 crore. The mandate is for a Balance of System (BOS) package for three solar power projects at the Khavda Renewable Energy Park in Gujarat, one of the world’s largest renewable energy developments.
With this new award, SWREL’s order inflows for the fiscal have crossed Rs 6,450 crore, and the company says its project pipeline remains strong.
The company already has a presence in the Khavda region, where it is executing nearly 6 GW of projects, with about 5 GW slated for completion in the current fiscal. The new 1-GW project further cements the company’s dominant presence in Gujarat’s renewable energy landscape.
Commenting on the development, Chandra Kishore Thakur, Global CEO of Sterling and Wilson Renewable Energy Group, said the partnership with Adani Green reinforces SWREL’s leadership in India’s rapidly expanding solar market.
Last month, the company announced it has won its second international project from South Africa this fiscal year. The company has been awarded a turnkey EPC contract for a 240 MW AC Solar PV project in South Africa. The total value of the contract is approximately $147 million or Rs 1,313 crore. “With this new order, the company is currently implementing four turnkey Solar PV projects with four reputed developers in the South African market,” the company said in a press release statement on November 26.Sterling and Wilson shares are down over 50% on a YTD basis.(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)