Sterling & Wilson Solar hit upper circuit on securing order worth Rs 747

Sterling & Wilson Solar today informed the bourses that Sterling and Wilson Solar Solutions Inc, the company’s US-based subsidiary and its largest solar project in United States of America worth US$ 99 million (~Rs 747 crore) to construct a project of 194 MW. It is being developed by a leading sustainable energy company and will be co-located in an area that has substantial wind development in operation.

Construction for the project will commence in September 2020 and will be commissioned by November 2021. Sterling and Wilson Solar Solutions Inc will be managing the entire turn-key execution for photovoltaic (PV) project and once commercially operational, the plant will produce enough solar energy to power over 35,000 homes, saving approximately 2,75,000 metric tonnes of carbon emissions.

As on June 23, 2020, the unexecuted order value of the company stood at Rs 14,300 crore, which translates into book-to-bill of 2.56x on FY20 revenue, giving healthy revenue visibility for the next couple of years. In terms of geographical mix, Middle East and North Africa (MENA) region forms a large share of 34.4 per cent, followed by Australia, which accounts for nearly 29 per cent of this order book. From April 1 to June 23, the company had secured order of 0.8 GW (worth Rs 2,905 crore).

Sterling & Wilson Solar is engaged in the business of construction and maintenance of power plants. The company's products and services range include contract activities and operation services.

The stock of Sterling & Wilson Solar in today’s trading session has locked in at an upper circuit of Rs 199.25 apiece, up by approximately 5 per cent from its previous close.