SWREL Secures Three Major EPC Orders Worth INR 1,772 Crore

Sterling and Wilson Renewable Energy Limited (SWREL) has recently announced the successful acquisition of three new domestic and international renewable energy projects. The total Engineering, Procurement, and Construction (EPC) value of these projects amounts to approximately INR 1,772 crore. The order wins will come as some solace to investors tiring of the firms continuos contract troubles. 

This will contribute to a total order inflow of INR 3,775 crore for the current fiscal year, as per the official announcement.​

Domestic Project Wins in Rajasthan and Uttar Pradesh

Two large-scale solar photovoltaic (PV) projects in the lot are domestic projects for which SWREL has been declared the L1 bidder.

The first project, located in Rajasthan, involves the EPC of a 363 MWp DC solar PV plant on a Balance of System (BOS) basis. The second, also awarded on a BOS basis, is in Uttar Pradesh for a 580 MWp DC PV plant. 

One for the South African Market

In addition to the two domestic, SWREL has also received a Letter of Intent (LOI) for a 115 MWp solar project in South Africa, valued at approximately USD 120 million. 

This marks the company’s third project in the South African market. Chandra Kishore Thakur, Global CEO of SWREL said, “We are very happy to have won two more prestigious domestic solar projects and these project wins continue to reflect our strong positioning in a fast growing domestic market. Apart from our leading presence in India, we are also encouraged by the strong inroads we are making into another rapdily growing market in South Africa where we have bagged our third order worth USD 120 million. Our earlier two projects in South Africa are progressing well. We will be completing the projects in Q1 FY2027 and will be maintaining our order booking margins.”

“With these order wins, SWREL has now achieved ~INR 3,775 crore of order inflows, and we remain confident of building on the order momentum,” Thakur added.

Sterling and Wilson Renewable Energy Limited is a global, pure-play EPC solutions provider offering end-to-end services for utility-scale solar, floating solar, hybrid and energy storage, and wind projects. 

Worrying Trajectory

Despite of the positive note from the leadership, SWREL is facing problems when we look at its balance sheet. SWREL reported a net loss of INR 503.41 crore in the second quarter (Q2) of fiscal year 2026, denting investor confidence amid expectations of stronger performance driven by India’s expanding solar market. While the firm said the loss was mainly due to exceptional charges, the losses stemmed from arbitration setbacks, contract impairments, and unresolved promoter-linked recoveries. 

The company has a total project portfolio exceeding 24.4 GWp, including commissioned and under-construction projects across 28 countries. Additionally, SWREL manages an operation and maintenance (O&M) portfolio of 9.1 GWp, serving both its own and third-party projects. Its presence spans India, South-east Asia, the Middle East, Africa, Europe, Australia, and the Americas.