Sterling & Wilson Renewable Energy, a solar engineering, procurement, and construction (EPC) solutions provider, saw its shares surge by 8.06% to an intraday high of ₹479.30 per share after the company received a Letter of Intent (LoI) for solar projects worth approximately ₹1,200 crores in Gujarat.
The ₹1,200 crore order win consists of 10 projects that will strengthen the existing solar energy system in the state or increase the capacity of power transmission.
The company stated, in a filing to the exchange, “Sterling and Wilson Renewable Energy Limited (SWREL), a leading renewable EPC is proud to announce that it has received LoI for a prestigious new order totaling approximately Rs 1,200 crore in Gujarat.”
The company take the responsibility of design, engineering, procurement and construction of the Balance of System (BOS) for a 500 MW (AC) Solar PV project.
Amit Jain, Global CEO, Sterling and Wilson Renewable Energy Group, said, “We are proud to receive this prestigious order, which will support India and especially Gujarat’s transition towards clean energy. It is a matter of immense satisfaction for us that customers continue to repose their trust in our team to be a part of their growth in the domestic renewable market.”
On Monday, the shares of Sterling and Wilson Renewable Energy Limited closed at ₹466.90 per share, 5.26% higher, as compared to the previous close of ₹443.55 per share on the Bombay Stock Exchange (BSE).
Summary: Sterling & Wilson Renewable Energy shares rallied 8% on securing solar project order in Gujarat worth approximately ₹1,200 crore.
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