Sterling and Wilson Renewable spurts after subsidiary inks MoU with Nigeria govt

Sterling and Wilson Renewable Energy rose 3.52% to Rs 340.80 after its wholly owned step down subsidiary, Sterling and Wilson Solar Solutions Inc, along with its consortium partner signed a MoU with the Government of the Federal Republic of Nigeria.

In an exchange filing, the company said that its US subsidiary, Sterling and Wilson Solar Solutions Inc, along with its consortium partner Sun Africa LLC , have signed a Memorandum of Understanding (MoU) with the Government of the Federal Republic of Nigeria to deliver the development, design, construction and commissioning of solar photovoltaic power plants with total installed capacity of 961 MWdc at five different locations in the Federal Republic of Nigeria along with battery energy storage systems with total installed capacity of 455 megawatt-hour (MWh).

The company said that these projects will ultimately be owned and operated by Niger Delta Power Holding Company (NDPHC), a Nigerian Government owned entity. Financing for these projects are under negotiations between US EXIM, ING and the Government of Nigeria, it added.

The company emphasizes that the said MoU has been entered as a first step towards signing of definitive Development and EPC Agreements, which is subject to the financing arrangement and approval by the board of directors of NDPHC.

Sterling and Wilson Renewable Energy was demerged from Sterling and Wilson in March 2018. It is one of the largest non-original equipment manufacturers solar EPC players globally, with a diversified presence across geographies. SWREL was listed on the BSE and National Stock Exchange in August 2019.

The company reported a consolidated net loss of Rs 353.91 crore in Q1 FY23 as against a net loss of Rs 76.12 crore in Q1 FY22. Revenue from operations rose 1% YoY to Rs 1,206.93 crore during the quarter.

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