Sterling and Wilson shares hit upper circuit on order wins worth Rs 328 crore
Sterling and Wilson Renewable Energy's market cap climbed to Rs 15,930 crore.
- Jul 26, 2024,
- Updated Jul 26, 2024 2:50 PM IST
Shares of Sterling and Wilson Renewable Energy hit an upper circuit of 5% on Friday after the firm said it received a prestigious order for the engineering, design, procurement, erection, testing & commissioning of 500 x 2 (1,000 MWhr) - Standalone BESS plant in Rajasthan, India.
Sterling and Wilson Renewable Energy climbed 5% to Rs 689.60 against the previous close of Rs 656.80 on BSE. Market cap of the firm rose to Rs 15,930 crore.
"This GWhr scale project is till date India’s Largest Battery Energy Storage (BESS) Project and one of the very few Projects of GWhr scale in a single location globally which shall be executed by 2025. The total installed capacity of BESS in India currently only stands at 219 MWhr as of March 2024. As per National Electricity Plan (NEP) 2023 of Central Electricity Authority (CEA), the energy storage capacity requirement is projected to be 82.37 GWh (47.65 GWh from PSP and 34.72 GWh from BESS) in year 2026-27. With this order, therefore, SWREL will gain a leading position in India’s fast growing BESS market," said Sterling and Wilson in a communication to bourses.
Additionally, the company also secured a 20 MW Floating Solar project in Karnataka from the same client, which marks the third such floating solar project the company is currently executing in the country.
The value of both orders amounts to Rs 328 crore, the firm said in a communication to bourses.
Sterling and Wilson Renewable Energy Limited is an end-to-end renewable engineering, procurement, and construction (EPC) solutions provider. It 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.
Shares of Sterling and Wilson Renewable Energy hit an upper circuit of 5% on Friday after the firm said it received a prestigious order for the engineering, design, procurement, erection, testing & commissioning of 500 x 2 (1,000 MWhr) - Standalone BESS plant in Rajasthan, India.
Sterling and Wilson Renewable Energy climbed 5% to Rs 689.60 against the previous close of Rs 656.80 on BSE. Market cap of the firm rose to Rs 15,930 crore.
"This GWhr scale project is till date India’s Largest Battery Energy Storage (BESS) Project and one of the very few Projects of GWhr scale in a single location globally which shall be executed by 2025. The total installed capacity of BESS in India currently only stands at 219 MWhr as of March 2024. As per National Electricity Plan (NEP) 2023 of Central Electricity Authority (CEA), the energy storage capacity requirement is projected to be 82.37 GWh (47.65 GWh from PSP and 34.72 GWh from BESS) in year 2026-27. With this order, therefore, SWREL will gain a leading position in India’s fast growing BESS market," said Sterling and Wilson in a communication to bourses.
Additionally, the company also secured a 20 MW Floating Solar project in Karnataka from the same client, which marks the third such floating solar project the company is currently executing in the country.
The value of both orders amounts to Rs 328 crore, the firm said in a communication to bourses.
Sterling and Wilson Renewable Energy Limited is an end-to-end renewable engineering, procurement, and construction (EPC) solutions provider. It 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.