Sterling and Wilson: Spotlight on Major Adani Green Energy Order

Shares of Sterling and Wilson Renewable Energy Limited (SWREL) are set to capture investors’ attention on December 1. This follows the company’s announcement of a major order win and the establishment of a long-term strategic partnership with Adani Green Energy Limited, recognized as India’s largest and fastest-growing renewable energy developer.

The significant development involves a five-year Strategic Partnership Framework Agreement with Adani Green, alongside the receipt of an initial purchase order valued at ₹1,381 crore. This mandate pertains to the Balance of System (BOS) package for three solar power projects at the Khavda Renewable Energy Park in Gujarat, marking it as one of the world’s largest renewable energy projects.

With this latest contract, SWREL has seen its order inflows for the fiscal year surpass ₹6,450 crore, signaling a robust project pipeline. The company has an active presence in the Khavda region, currently executing nearly 6 GW of projects, with about 5 GW expected to reach completion within this fiscal year. The addition of a new 1-GW project reinforces the company’s stronghold in Gujarat’s renewable energy sector.

Chandra Kishore Thakur, Global CEO of Sterling and Wilson Renewable Energy Group, highlighted that this partnership with Adani Green solidifies SWREL’s leadership in India’s quickly evolving solar market.

Recently, the company announced the acquisition of a second international project in South Africa for this fiscal year. This involves a turnkey EPC contract for a 240 MW AC Solar PV project, valued at approximately $147 million or ₹1,313 crore. “With this new order, the company is now operating four turnkey Solar PV projects in collaboration with four prominent developers in the South African market,” stated the company in their press release on November 26.

Despite these advancements, Sterling and Wilson shares have decreased by over 50% year-to-date.

What do you think about the growing influence of renewable energy partnerships in India? Let us know your thoughts!