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Sterling and Wilson Renewable Energy Secures Rs 826 Crore Contracts for 1 GWp Projects Across Rajasthan, Uttar Pradesh, and Gujarat

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Renewable energy solutions provider, Sterling and Wilson Renewable Energy Ltd (SWRE), has emerged victorious in securing contracts worth a substantial Rs 826 crore ($100 million) within the initial four months of the fiscal year 2023-24. These orders collectively encapsulate around 1 GWp of projects spanning key regions such as Rajasthan, Uttar Pradesh, and Gujarat. An intrinsic part of these accomplishments lies in the promise of generating numerous construction jobs, thus positively impacting local communities.

The collaborative scope of work for these projects encompasses design, construction, and commissioning, reinforcing Sterling and Wilson’s comprehensive approach to renewable energy solutions. This feat bears witness to the company’s deep-rooted industry expertise and solidifies its position as a favored partner among industry peers.

Reflecting on this success, Amit Jain, Global CEO of Sterling and Wilson Renewable Energy Group, acknowledged the significance of these partnerships, highlighting the trust and confidence invested in the company by its recurring partners. He emphasized the company’s commitment to sustainability and innovation, underscoring its role as a dominant player in the domestic market.

With a remarkable portfolio of over 15 GWp, which includes commissioned projects and those in various stages of construction, Sterling and Wilson Renewable Energy Group stands as a formidable player in the renewable engineering, procurement, and construction (EPC) landscape. The company’s expertise spans utility-scale solar, floating solar, hybrid, and energy storage solutions, with an added focus on operation and maintenance (O&M) services.

As an integral part of Reliance Industries since 2022, the company envisions significant strides in India’s renewable energy sector. Notably, Sterling and Wilson plans to bolster its capacity by adding 2 GW each year in battery storage and green hydrogen, bolstering India’s sustainable energy landscape.

In financial terms, the company reported a reduced loss of Rs 95 crore in the June quarter, marking a significant improvement from the Rs 356 crore loss incurred in the same period the previous year. Although revenue decreased to Rs 515 crore from Rs 1,206 crore YoY, the gross margin experienced a favorable upswing, settling at 11.3% compared to the negative 14.9% recorded previously.

With an optimistic outlook, Sterling and Wilson aims to substantially reduce its net debt of Rs 2,100 crore through effective management of receivables and cash flows. The company’s order book stood at Rs 4,902 crore by the end of June, and it anticipates receiving orders for 4-5 GW from India throughout the year.

The company’s compelling order pipeline, which accounts for 22 GW, holds significant potential. India’s contribution to this pipeline is estimated at around 60%, with a substantial portion coming from esteemed public sector companies such as NTPC, NHPC, and Coal India.

In essence, Sterling and Wilson Renewable Energy’s impressive contract wins underscore its position as a leader in the renewable energy sector. Its steadfast commitment to sustainability, innovative solutions, and collaborative partnerships is set to further shape India’s renewable energy landscape.

Interested to know more about the Green Energy space?

Arvind Kothari, smallcase Manager and Founder of Niveshaay, sat down with Red FM to talk about Green Energy Investing. You can listen to the podcast below.

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Abel Mathew

Marketing Enthusiast | Product Marketing at smallcase | Cinephile ----The content in this article is purely the author’s personal opinion and is for informational and educational purposes only. It should not be construed as professional financial advice and nor to be construed as an offer to buy /sell or the solicitation of an offer to buy / sell any security or financial products. The views and opinions stated in the content belong to the author. Smallcase Technologies Private Limited does not uphold nor promote any of the views / opinions.

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