Sterling and Wilson Limited, a Shapoorji Pallonji group company, on Saturday announced that it has signed an order worth ₹930 crore ($127.5 million) in the Kom Ombo region of Egypt. The order has been received from Saudi Arabia’s leading renewable energy company. It is scheduled to be commissioned by Q1 2022, the company said in the regulatory filing.
“We are delighted to win this order, which will be one of the largest projects in Egypt,” said Bikesh Ogra, director and global chief executive officer, Sterling and Wilson Solar Limited.
The leading solar Engineering, Procurement and Construction (EPC) and Operations and Maintenance (O&M) firm has also executed five projects of over 322 MWp in Benban Solar Park in Egypt, it mentioned in the statement.
“Our consistent focus towards quality, performance, client centricity, and execution has helped us win projects in strategically located markets that have conducive solar power policies and high solar resources. Winning this project is an important milestone and further strengthens our focus in the MENA region which has been a key market for us,” Ogra added.
Sterling and Wilson Solar has more than 10.6 GWp of solar power projects (commissioned and under various stages of construction) in various geographies. The company also manages a portfolio of 8 GWp of O&M projects globally. Present in 25 countries, it has operations in India, southeast Asia, Middle East, Africa, Europe, the Americas and Australia.
“We had robust order inflows of ₹7,046 crores during the year till date (including orders of ₹930 crores received recently), which is 153% of the restated order book for FY20,” it mentioned in the regulatory filing.
“The Company’s revenue from operations for 9MFY21 stood at ₹3,716 crores, EBITDA (excluding interest income) stood at ₹43 crore and PAT stood at ₹54 crore,” it said in a statement.
“The opportunity for solar power industry will continue to remain buoyant and grow at a rapid pace over next 2-3 decades. Most of our clients are looking at significant capacity additions and we continue to remain confident of the opportunities going ahead,” CEO added.