SW Solar wins Rs 1,313 crore project in South Africa; stock surges over 5%

Sterling and Wilson Renewable Energy Ltd (SW Solar) announced on Thursday that it has secured a second international project from South Africa in the current fiscal year. The company announced that it has won a turnkey EPC contract for a 240 MW AC solar PV project in the country, valued at approximately $147 million (around Rs 1,313 crore).

With this contract, SW Solar is now executing four turnkey solar PV projects for four different developers in the South African market. The company said that the two projects awarded last fiscal have made strong operational progress, establishing its foothold in the region, while the two new orders won in the past two months further strengthen its presence.

The South African solar PV market is experiencing rapid expansion, driven by corporate demand for energy security, falling renewable-energy costs and the need for grid stability.

Commenting on the latest order, Chandra Kishore Thakur, Global CEO of SW Solar, said, "We are very excited to announce our second international order from South Africa this fiscal within a span of two months. South Africa remains a key international market for us where we are currently implementing four PV projects with four reputed customers reflecting our strong value proposition and positioning in this market."

With this contract, SW Solar's total order inflow for the fiscal has reached approximately Rs 5,088 crore.

The counter jumped 5.27 per cent to hit a day's high of Rs 237.85 following the announcement.