Sterling and Wilson Renewable Energy Continues Its Revival With Big Order Wins

By Saur News Bureau/ Updated On Fri, Aug 4th, 2023

Sterling and Wilson Renewable Energy Limited (SWRE or SWSOLAR) the leading renewable EPC, announced that it has won orders worth INR 826 crore in the first four months of FY 2023-24.

The orders aggregate to around 1 GWp and include projects in Rajasthan, Uttar Pradesh and Gujarat. Scope of work for all projects include design, construction and commissioning.

Speaking on the wins, Amit Jain – Global CEO, SWSOLAR said, “Renewable sector plays a vital role in India’s journey towards clean energy. For us at SWRE, India continues to be a key market and we have been working together with different stakeholders, towards boosting renewable capacity in the region. All orders clocked in these four months are from our recurring partners and is a testament of our expertise in the industry. Our partnerships hold immense value for us, and we are grateful for their continued trust and confidence in us.”

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“This accomplishment reflects upon our team’s dedication and hard work. Over the past decade, we have been a dominant player in the domestic market and are poised to delivering high-quality renewable solutions that drive sustainability and make a positive impact on the world and look forward to spearheading the journey with continuous growth and innovation”, he added.

SWSolar has previously talked about how, in its recovery after the horror run that started in 2021-22, it expects to see the project mix reverse in favour of a very high proportion of projects from India, rather than abroad.

With a total portfolio of over 15 GWp (including projects commissioned and under various stages of construction) and an operation and maintenance (O&M) portfolio of 6.4 GWp solar power projects, Sterling and Wilson Renewable is well placed to build on its vast experience, and presence across 29 countries. However, as India rises in project share, expect margins to contract a bit as compared to the peaks it saw during the 2016-20 period, thanks to projects in the Middle East and other regions.

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Importantly, even as the firm builds up a strong order boom yet again, it is yet to announce any order from key promoter group Reliance Industries or Reliance New Energy . Reliance, which is committed to a net zero target by 2035, is expected to start a strong push into captive renewable energy for its operations soon, a quantum expected to hit 20 GW or more by 2030. Sterling and Wilson Renewable will certainly be expected to pocket a significant if not all of these plans, with margins possibly the only sticking point now.

The firms promise, and recent wins, have been duly acknowledged in its stock price too, which has recovered strongly in the past month to Rs 400 levels, after languishing for a long time at much lower levels as it cleaned out its balance sheet.