Sterling and Wilson Renewable surges 5% on $2.2 bn Nigerian order win

  • Industry News
  • Nov 25,23
The joint venture, Sun Africa LLC, will be responsible for developing 961 MWp of Solar PV generation infrastructure and 455 MWh of battery energy for Nigeria.
Sterling and Wilson Renewable surges 5% on $2.2 bn Nigerian order win

On November 22, the shares of Sterling and Wilson Renewable surged by 5%, triggering the upper circuit, following a report by CNBC-TV18 that a joint venture of Sterling and Wilson had secured a substantial $2.2 billion order from the Nigerian government. The stock was frozen at Rs 314.8 on the NSE.

The joint venture, Sun Africa LLC, will be responsible for developing 961 MWp of Solar PV generation infrastructure and 455 MWh of battery energy for Nigeria. CNBC-TV18 indicated that Sterling and Wilson could potentially receive $1.5-2 billion from the total order value.

Nigeria's power minister, Adebayo Adelabu, revealed that ING Bank, Citi, and US-EXIM Bank are set to support the project, committing over $10 billion over the coming years. However, a formal agreement between the parties has yet to be signed, with the order execution anticipated to commence six months after the formal deal is finalised.

While the company reported a net loss of Rs 54.51 crore in its September quarterly results, a notable improvement from the previous year's Rs 298.71 crore loss, its total income increased to Rs 776.73 crore from Rs 410.80 crore a year ago.

Source: Moneycontrol

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