Rs 5,10,100 crore order book: Civil construction company emerges as preferred EPC Contractor for North Site of World's First 24/7 Solar PV and Battery Storage Gigascale Project

The stock is up by 10 per cent from its 52-week low and gave multibagger returns of 160 per cent in the last 5 years.

Larsen & Toubro (L&T) has been selected by Masdar as a preferred EPC contractor for the north site of a groundbreaking renewable energy project in Abu Dhabi. This ambitious undertaking aims to establish the world's first 24/7 solar PV and battery storage gigascale project, capable of delivering a consistent 1 gigawatt of baseload power around the clock.

Masdar, in partnership with EWEC, is spearheading this innovative project, which will boast a staggering 5.2GW (DC) solar PV plant coupled with a 19GWh battery energy storage system (BESS). This makes it the largest solar and BESS project globally. The project will be divided into two sites, with L&T responsible for the north site, encompassing 2.6GW and 9.5GWh of PV capacity.

The announcement was made at Abu Dhabi Sustainability Week, with His Excellency Dr. Sultan Al Jaber, UAE Minister of Industry and Advanced Technology and Chairman of Masdar, in attendance. The Letter of Award was formally signed by Mr Abdulaziz Alobaidli, Chief Operating Officer of Masdar, and Mr A Ravindran, Senior Vice President & Head – of Renewables IC, L&T, witnessed by Mr T Madhava Das, Whole Time director & Sr. Executive Vice President (Utilities) of L&T.

Abdulaziz Alobaidli, Chief Operating Officer, Masdar, said, “The record-breaking project we are developing with EWEC is a giant step forward in the clean energy transformation, overcoming the intermittency of renewables and enabling the dispatch of clean energy 24 hours a day, seven days a week. As Masdar’s largest and most ambitious project to date, we made sure we are working with the best possible partners that will deliver to the highest standards. I look forward to working with these preferred contractors in setting a new global benchmark in clean energy innovation.”

Mr S N Subrahmanyan, Chairman & Managing Director – Larsen & Toubro, said: “The foresightedness coupled with definitive actions reflect UAE’s leadership role in accelerating sustainable economic progress. L&T is determined to bring in advanced capabilities for the global energy transition.”

Mr T Madhava Das, Whole-time Director & Sr Executive Vice President (Utilities) - at Larsen & Toubro, said: “We are happy that our trusted partnership with Masdar has culminated in such a coveted opportunity to advance the deployment of clean energy projects in the region. With our all-round capabilities in dispatchable renewable generation, power T&D and digital solutions we are deeply committed to delivering this ultra-mega project that fuels futuristic ambitions.”

About the Company

Larsen & Toubro (L&T) is a massive Indian conglomerate with its fingers in many pies. Their core business is engineering, procurement and construction (EPC) solutions across various sectors like infrastructure, power, hydrocarbon (oil & gas) and defence. They also manufacture custom-designed machinery for these industries and even have a real estate arm. L&T is a major player in IT services through subsidiaries like L&T Infotech and Mindtree and provides financial services like rural and housing finance through L&T Finance Holdings. They even handle development projects involving infrastructure, toll management and power generation.

The company has a market cap of Rs 4.70 lakh crore and has been maintaining a healthy dividend payout of 34.6 per cent. Life Insurance Corporation of India (LIC) owns a 12.61 per cent stake in the company as of December 2024. The company has a robust order book valued at Rs 5,10,100 crore as of September 30, 2024. The stock is up by 10 per cent from its 52-week low and gave multibagger returns of 160 per cent in the last 5 years. Investors must keep this Large-Cap stock. 

Disclaimer: The article is for informational purposes only and not investment advice.