Sterling & Wilson secure AUD 615Mn solar EPC project in Australia

Sterling & Wilson Solar (SWSL), India’s leading solar power generation firm, has recently announced securing its largest EPC contract, which is worth over AUD 615 million from Australia. This contract includes an AUD 85 million operation and maintenance deal spanning over 20 years.

Reportedly, the award comes within 15 months of SWSL’s entry in Australia, taking the company’s cumulative order book in the country to almost AUD 1 billion. The contract mitigates the solar firm’s financial troubles while making it one of the biggest solar EPCs in the market.

For the record, SWSL is owned by Khurshed Daruvala family and Shapoorji Pallonji Group, which own 33 percent of the overall share and majority of 67 percent in SWSL respectively.

Earlier in 2019, the company claimed a position in the default list after failing to repay a debt repayment obligation of Rs 2,500 crore. As of April, SWSL has managed to clear Rs 1,500 crore from the debt including interest as well.

Evidently, SWSL is planning to execute two projects worth Rs 620 crore in its homeland amidst the COVID-19 pandemic with prominent global independent power producers.

Speaking on the move, Bikesh Ogra, Global Chief Executive, Sterling & Wilson Solar, said that the EPC contract comes as the company’s biggest order in Australia and is a result of pain-stricken efforts to break new ground in nations like the US, South America, and Australia.

Meanwhile, India remains to be a focused and steady market for SWSL. The company continues to be a dominant player in the domestic market while it expands its growth in international markets. It hopes to earn a significant portion of its international revenue from South America, the US and Australia, where solar projects have come back on schedule, added Ogra.

Source Credit: https://www.outlookindia.com/newsscroll/sterling--wilson-bags-aud-615-mn-solar-epc-order-in-australia/1837419