Sterling and Wilson Renewable Energy Ltd (SWRE) has announced that it has received contracts for Rs 826 crore ($100 million) in the first four months of fiscal year 2023-24.
Orders totaling roughly 1 GWp include projects in Rajasthan, Uttar Pradesh, and Gujarat. Hundreds of construction jobs will be created as a result of the initiatives, benefiting the local community.
According to the corporation, in which RIL subsidiary Reliance New Energy owns 40%, the scope of work for all projects includes design, construction, and commissioning.
“All orders received in the last four months have come from repeat customers, demonstrating our industry expertise.” “Our partnerships are extremely valuable to us, and we appreciate their continued trust and confidence in us,” said Amit Jain, Global CEO of Sterling and Wilson Renewable Energy Group.
“Over the last decade, we have been a dominant player in the domestic market, and we are poised to deliver high-quality renewable solutions that drive sustainability and have a positive impact on the world, and we look forward to leading the journey with continuous growth and innovation,” he added.
Sterling and Wilson Renewable Energy Group provides renewable engineering, procurement, and construction (EPC) solutions from start to finish. The company offers EPC services for utility-scale solar, floating solar, hybrid and energy storage solutions, and has a total portfolio of more than 15 GWp, which includes projects that have been commissioned and are in various phases of construction.
Sterling and Wilson
SWRE also oversees the operation and maintenance (O&M) of 6.4 GWp solar power installations, including those built by third parties. It is present in 29 countries worldwide, including India, Southeast Asia, the Middle East, Africa, Europe, Australia, and the Americas.
The company, which became a subsidiary of Reliance Industries in 2022, intends to add 2 GW of capacity in battery storage and green hydrogen in India per year.
Its order book stood at Rs 4,902 crore at the end of June, and the company expects to get orders for 4-5 GW from India this year.
The company received orders worth Rs 466 crore in the June quarter, including a 1500 MW contract with NTPC.
Furthermore, the company has a 22GW order pipeline, with India accounting for close to 60% of the total. More than half of this is likely to come from public sector businesses like NTPC, NHPC, and Coal India.
Sterling & Wilson Renewable Energy shares finished at Rs 383.55 on the BSE on Thursday, up 1.02 percent.