L&T secures major Green EPC order from Saudi Arabia

Larsen & Toubro (L&T) on Friday (9 April) announced that its renewable arm secured a major order to establish one of the World's largest solar PV plants by capacity.

The renewables arm of Larsen & Toubro's power transmission & distribution business has secured a turnkey EPC contract, from the consortium of ACWA Power and the Water and Electricity Holding Company (a subsidiary of the Public Investments Fund of Saudi Arabia), for Sudair Solar PV Project of 1.5 GW capacity.

According to L&T's classification, the value of the said orders lies between Rs 5,000 crore to Rs 7,000 crore.

This project is considered the largest solar plant in Saudi Arabia with PPA signed. It is also one of the largest such plants in the world. The project that is coming up in Riyadh Province has a 30.8 square kilometre land parcel available to install a total capacity of 1.5 GW PV solar modules with associated single axial tracker and inverters.

Shares of L&T were down 0.99% at Rs 1404.40 on BSE. The scrip hit a day's high of Rs 1419.10 and a low of Rs 1397.10.

L&T is an Indian multinational engaged in engineering, procurement and construction projects, manufacturing, defence and services with over $21 billion in revenue. On a consolidated basis, L&Tr's net profit rose 4.87% to Rs 2466.71 crore on 1.78% decline in revenue from operations to Rs 35,596.42 crore in Q3 December 2020 over Q3 December 2019.

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