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Sterling and Wilson Solar bags EPC contract in Australia for Rs 2600 crore

IBEF:  May 18, 2020

Sterling and Wilson Solar Limited (SWSL) has bagged an Engineering Procurement Construction (EPC) contract in Australia for Rs 2,600 crore (US$ 368.85 million).

Under this contract, operation and maintenance is also included which is estimated to be worth Rs 415 crore (US$ 58.87 million) for 20 years, the company said in a statement.

This is one of the largest contracts in Australia and comes within 15 months of setting up operations by the company.

Thus, with this order, the Shapoorji Pallonji backed company’s cumulative order book in Australia is estimated to be Rs 4,900 crore (US$ 695.13 million).

The company’s international revenues for FY21 will have a substantial portion coming from Australia, South America and the United States (US) where the construction of solar projects has now commenced, the company said. Though, detailed revenue breakup was not provided by the company.

Mr Bikesh Ogra – Director and Global CEO, Sterling and Wilson Solar Limited said, “This is our largest order in Australia and is a culmination of efforts to break new ground in countries like Australia, the United States and South America, where SWSL has invested in a strong team that is completely aligned with the local requirements."

Currently, SWSL has a presence in 25 markets and offers operations and maintenance services, for third party projects. Its main markets span Asia, Australia, West Asia, Africa, Europe, and the Americas.

The company is also restarting the renewable projects in India, which also add up to the company’s revenues. The company is handling the COVID-19 crisis and expects to enhance activity in order booking and revenues, the company said.

Additionally, Sterling and Wilson has signed two projects in India with independent power producers which is valued at Rs 620 crore (US$ 87.96 million).

 

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.