Sterling and Wilson Solar Bags Rs 462 Crore Solar Project in Chile

Sterling and Wilson Solar has signed an order of 106.71 MW solar project worth Rs 462 crore in Chile, work for which is expected to begin in Q4 FY 2021.

Sterling and Wilson Solar has announced that it has signed an order of 106.71 MW solar project worth USD 62.6 million (~Rs 462 crores) in Chile. The order has been received from a global independent power producer (IPP), work for which is expected to begin in Q4 FY 2021.

The firm, one of the leading solar EPC and O&M players in the world, already has a strong presence in the region with one project of 93.3 MW in Argentina and three projects of 588 MW under construction in Chile.

Bikesh Ogra – Director and Global CEO, Sterling and Wilson Solar Limited said, “we are excited to win our fifth project in Latin America. Our continuous focus in the market has reaped rich benefits with these prestigious project wins. We have established ourselves in Latin America with a cumulative order book of around USD 488 million (~INR 3,558 crores), making us amongst the leading players in the region.”

On the Chilean market, he added that “Chile is one of Latin America’s fastest-growing economies in recent decades thanks to its solid macroeconomic framework. This coupled with a global race to energy transition enables increasing participation of foreign companies in the Chilean renewable energy market making it one of the key focus regions for us.”

The firm has been executing projects globally and has to its credit more than 10.5 GW of solar power projects (commissioned and under various stages of construction) in various geographies. This portfolio includes a 1,177 MW Solar PV plant in Abu Dhabi – the world’s largest single-site solar plant. The Company also manages a portfolio of 7.8 GW of O&M projects globally.

Recently, the firm recently declared its results for Q1 of the financial year 2021-21, and the numbers didn’t make for pretty reading at all. The firm’s legacy problem of timely debt repayment from its promoters, despite assurances after the previous quarter results and analyst calls, continued to fester, something that will not inspire confidence at all. On top of that, the ‘lumpiness’ of earnings as an EPC player, combined with the COVID outbreak, ensured that the firm has a very poor set of numbers to show for the quarter.