SWREL Gets Rs 415 Cr EPC Order For 300 MW Solar Project in Rajasthan

Mumbai-based Sterling and Wilson Renewable Energy Limited (SWREL), a leading renewable EPC company, announced that it has received a Letter of Intent (LOI) from a leading private IPP for a BOS EPC package. Sharing the order details in a press release, SWREL said it had received the order for the development of a 300 MW AC / 420 MWp DC solar PV project along with a 220/33 kV pooling substation in Rajasthan, India. The total value of the contract is approximately INR 415 crore, including O&M and taxes, it added.

Speaking on the order win, Chandra Kishore Thakur, Global CEO, Sterling and Wilson Renewable Energy Group, shared, “We are excited to partner with a leading global renewable developer with huge growth plans in the domestic market and bag our first order from the Private IPP market this fiscal. The order is a testament to our strong execution capabilities, and we continue to build on our gross order inflows, which have exceeded INR 2,400 crore this year.”

SWREL is steadily building its portfolio in Rajasthan. For instance, earlier this year, iSWEL got its firstWind EPC orderfrom a private IPP for a hybrid project in Rajasthan. The scope of work includes Engineering, Procurement, and Construction (EPC) for a 69.3 MW Wind Balance of Plant (BoP) and 58 MW AC / 75 MWp DC Solar BoS, along with a 132 kV / 33 kV pooling substation. 

SWREL Previous Solar Project

During the last investor call, Ajit Singh mentioned the sequential decline in revenue, which he attributed to seasonality, since Q1 is usually slower than Q4. He also explained that the company may see an increase in order in the current quarter. 

Ajit Singh attributed the decline to various reasons. He explained, “Primarily, the order has been pushed from the last few quarters to Q1, and maybe to Q2 also, mainly because of a few reasons. One prominent factor could be the ALMM II requirements for cells, and the industry is just watching to see how the domestic solar modules could be produced and at what price. All of the developers have applied for relief on the project timelines, which is one of the reasons.”

Explaining the impact on the overall project, Singh said, "Another reason for projects being pushed to Q1 and Q2 is connectivity issues. Connections that were originally planned by March 2025 have been pushed toward 2025–26, particularly in Rajasthan and Gujarat, due to delays in large substations. From our side, although Q1 has been a little lumpy, we are confident that with the push to Q2 and Q3, there will be large opportunities, and we are well placed to follow the guidance we have given investors."