Sterling & Wilson Renewable Energy Ltd (SWREL) on Tuesday announced that it has bagged a Letter of Award (LoA) worth around ₹415 crore from a leading private independent power producer (IPP) for a large-scale solar project in Rajasthan.
The contract involves the balance-of-system Engineering, Procurement, and Construction (EPC) package for a 300 MW (AC) / 420 MWp (DC) solar power project, along with a 220/33 kV pooling substation.
Chandra Kishore Thakur, Global CEO of SWREL, said this order is the company’s first win from the private IPP segment this fiscal.
“The order is a testament to our strong execution capabilities, and we continue to build on our gross order inflows, which have already exceeded ₹2,400 crore this year,” he noted.
Financial and stock performance
The order comes on the back of a strong Q1 performance, where SWREL’s net profit surged to ₹38.7 crore from ₹4.8 crore a year earlier, while revenue nearly doubled YoY to ₹1,761.6 crore. Margins also expanded, driven by softer input costs and operational efficiency.
On Tuesday, shares of SWREL closed at ₹266.45 on NSE, up 0.28% before the announcement.
Global footprint
SWREL has established itself as a pure-play renewable EPC company with a portfolio of over 22.8 GWp globally and an O&M portfolio of 9.3 GWp across 28 countries.
The company’s latest win in Rajasthan strengthens its domestic pipeline at a time when India is accelerating its renewable energy transition.
