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Sterling and Wilson Solar diversifies business by adopting new verticals

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Sterling and Wilson Solar announced plans to expand its renewable energy offerings to include EPC solutions for Hybrid Energy power plant, Energy Storage and Waste to Energy.

Hybrid Energy consists of solutions involving two or more sources of energy with or without energy storage. A large part of the global market is moving towards micro grids which are based on 100% renewable energy. There is a huge demand for decentralised power plants because they are both, environment friendly and economically viable.

The waste to energy segment is a large and growing market in developed countries. Sterling and Wilson Solar, through diversification of business verticals, aims to use its project management skills and stakeholder relationships to capture substantial energy market share in the future. The capital investment will be negligible as the major investment will be in people and operating costs, the company's press release added.

The announcement was made after market hours yesterday, 29 July 2021.

Amit Jain, the global chief executive officer (CEO) of Sterling and Wilson Solar Group, stated that: "We are delighted to increase our EPC offerings in the renewable space. We believe the opportunities in these segments are huge and will allow us to deepen our relationships with customers both in India as well as globally and provide a range of solutions to meet their overall renewable energy requirements. With the increased focus globally on low-carbon energy consumption and the resultant growing demand for green energy solutions, this is a logical extension of our business into the rapidly growing ESG space, thereby becoming a diversified renewables company."

The company's consolidated net loss stood at Rs 344.80 crore in Q4 FY21 as compared to a net profit of Rs 128.59 crore in Q4 FY20. Net sales dropped 33.8% to Rs 1,364.54 crore in Q4 FY21 from Rs 2,060.63 crore in Q4 FY20.

Sterling and Wilson Solar, a Shapoorji Pallonji group company, is a global pure-play, end-to-end solar engineering, procurement and construction (EPC) solutions provider. The company provides EPC services primarily for utility scale solar power projects with a focus on project design and engineering and manages all aspects of project execution from conceptualizing to commissioning. It also provides operations and maintenance (O&M) services, including for projects constructed by third parties.

Shares of Sterling and Wilson Solar fell 1.82% to Rs 288.05 on BSE. The scrip hovered in the range of Rs 285.65 to Rs 294.70 so far.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Fri, July 30 2021. 10:28 IST