Sterling & Wilson Renewable Energy Raises INR 1,500 Cr via QIP Route

Sterling & Wilson Renewable Energy Ploughs INR 1,500 Cr via QIP Route

Sterling & Wilson Renewable Energy Limited (SWRE) has announced the completion of a fundraise of INR 1,500 crore through Qualified Institutions Placement (QIP) route.

The Securities Issuance Committee of Board of Directors, at its meeting held on December 14, 2023, approved the issue and allotment of 4,32,27,665 equity shares of face value Re. 1 each to eligible qualified institutional buyers at the issue price of INR 347 per equity share (including the premium of INR 346 per equity share).

Sterling and Wilson Renewable Energy claims that the QIP witnessed a strong response from both domestic mutual funds and marquee global FIIs.

Speaking on the response, Amit Jain, Global CEO, Sterling and Wilson Renewable Energy shared, “Last couple of months have been challenging for us as an organization and the successful completion of the QIP is a significant moment in our journey. Bulk of the proceeds from the QIP will be used to pare down debt furthermore providing us capital to pursue the fast-growing solar EPC markets in India and abroad. The company’s unexecuted order book as of September 30, 2023, continues to remain healthy at INR 6,835 crore aided by strong domestic EPC order inflows with a robust and growing bid pipeline in both India and abroad. We remain well positioned to accelerate our growth.” He concluded, “Through this QIP, we are more strategically positioned to harness the immense potential of renewable energy market, globally.”

SWRE Limited is a global pure-play, end-to-end renewable engineering, procurement and construction (EPC) solutions provider. The company provides EPC services for utility-scale solar, floating solar and hybrid and energy storage solutions and has a total portfolio of over 15 GWp (including projects commissioned and under various stages of construction). SWRE also manages an operation and maintenance (O&M) portfolio of 6.4 GWp solar power projects, including for projects constructed by third parties. Present in 29 countries, Sterling and Wilson Renewable Energy Limited has operations in India, South-east Asia, Middle East, Africa, Europe, Australia and the Americas.

On the path of revival

In the March quarter, Sterling & Wilson Renewable Energy reported a 92% Y-o-Y loss. However, it maintained that it had witnessed a rise in its total income in the quarter ending September.

Sterling and Wilson, in September this year, also announced receiving orders for 300 MWac of renewable energy project from the NTPC Renewable Energy Limited at the Khavda renewable energy park at the Rann of Kutch in Gujarat. 

In August this year, the firm announced receiving a Letter of Intent (LOI) from the Gujarat Industries Power Company Limited (GIPCL) for its proposed 600 MWac solar power plant at Khavda. The total value of the bid, including the Operations and Maintenance (O&M), was around INR 1,130 crore. 

The firm seems to be on a revival spree with large orders.