IBEF: June 29, 2020
The US subsidiary of Sterling and Wilson Solar Ltd has bagged a contract worth around Rs 747 crore (US$ 99 million) to construct a solar project in the United States of America.
According to the regulatory filing by the company, its US subsidiary, Sterling and Wilson Solar Solutions Inc (SWSS), has been awarded a US$ 99 million contract to construct a 194-megawatt (MW) project in the US.
The project is being developed by a leading sustainable energy company, and will be co-located in an area that has substantial wind development in operation
The construction for the project is expected to start in September 2020 and will be completed by November, next year, the Shapoorji Pallonji group company added.
"We are delighted to have been awarded this project in USA, which has some of the best renewable energy resources in the world. Sterling and Wilson Solar Solutions, Inc is focused on technological efficiency, performance, consumer centricity, and execution which has helped us to win and build projects in this strategically located market," SWSS Country Head Mr Amit Jain said.
The company will be responsible for management of the entire turnkey execution for the photovoltaic project, and once commercially operational, the plant will produce enough solar energy to power over 35,000 homes, saving approximately 275,000 metric tonnes of carbon emissions, the company said.
It plans to utilise bifacial technology to increase production of power density.
Shares of Sterling and Wilson Solar were trading at Rs 199.25 (US$ 2.82) a piece on BSE, up 4.98 per cent.
Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.