Last Updated : Saturday, May 23, 2020 22:34:07

STERLING & WILSON SOLAR bags largest Australian order of AUD 525 mln

MUMBAI / RAJKOT – In a regulatory update as submitted to the Indian Stock Exchanges, Mumbai headquartered Heavy Electrical Equipment manufacturing Indian Company Sterling and Wilson Solar Ltd said of having bagged largest order in Australia with a value of Australian Dollar 525 million on engineering-procurement-construction (EPC) basis including operations & maintenance (O&M) for a maximum period of 20 years.

In a press-release titled, “Sterling and Wilson Solar Limited signs its largest order in Australia with a value of ~ AUD 525 million”, as enclosed and attached with the regulatory update, as submitted by the company to the Indian Bourses, it further read that, Sterling and Wilson Solar Limited (SWSL) (BSE Scrip Code: 542760; NSE Symbol: SWSOLAR), today announced that it has signed (along with its branch and Australian subsidiary) an EPC contract of approx. AUD 525 million (~ INR 2,600 crore) as well as the Operation and Maintenance (O&M) contract of approx. AUD 85 million (~ INR 415 crore), which is its largest order in Australia.

The duration of the O&M contract is for a maximum period of 20 years.

With this award, SWSL has clearly established its presence in Australia, within a short period of 15 Months of setting up the operations.

With this order, the Company’s cumulative order book in Australia adds up to approx. AUD 1 billion (~ INR 4,900 crore), making it amongst the largest Solar EPCs in this very promising market.

In spite of the ongoing pandemic, SWSL has also signed two projects in India with leading global IPPs adding up to a value of INR 620 crores.

A substantial portion of the Company’s international revenues for the current financial year will come from Australia, South America and the USA where the construction of solar projects has now commenced to full capacity.

Renewable projects in India, which also add up considerably to the Company’s revenues, have been allowed to restart now.

SWSL is in the process of handing over projects which are being completed post lockdown and starting other projects.

The worst impact of COVID-19 seems to have passed and the Company is looking forward to increased activity in order booking and revenues.

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