Mahindra Susten to Develop 150 MW Open Access Renewable Power Project

BJP, Congress Bet Big on Renewables in 2024 Election Manifestos

Daily News Wrap-Up: REIL Invites Bids for 200,000 Mono PERC Solar Cells

Solar, Storage, Wind Drive 95% of US Interconnection Queues as Backlog Rises

Ahasolar Wins Consultancy Contract for 52 MW Solar Project from BPCL

REIL Invites Bids for 200,000 Mono PERC Solar Cells

Daily News Wrap-Up: MNRE Adds 4.1 GW of New Solar Module Capacity to ALMM

MNRE Adds 4.1 GW of New Solar Module Capacity to ALMM

AutoNxt Secures Pre-Series A Funding to Finance Electric Tractor Launch

Daily News Wrap-Up: REC Records Highest-Ever Loan Approvals in FY24


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/04/amazon_polly_52940.mp3?version=1682083705">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>The engineering, procurement, and construction (EPC) arm of Shapoorji Pallonji Group, <a href="https://www.sterlingandwilsonre.com/" target="_blank" rel="noopener">Sterling and Wilson Renewable Energy</a>’s consolidated net loss widened by 231% to ₹4.21 billion (~$51 million) for the fourth quarter (Q4) of the financial year (FY) 2023 compared to the loss of ₹1.27 billion (~$15 million) in Q4 FY 2022 due to lower returns from EPC projects.</p>
<p>The company also posted a year-over-year (YoY) drop of 60% in revenue for Q4 at ₹880 million (~$11 million). The company said that lower contributions from ongoing EPC projects impacted the revenue for the period.</p>
<p>Revenue from EPC business dropped 96% YoY from ₹10.19 billion (~$123.9 million) in Q4 2022 to ₹395.8 million (~$4.8 million).</p>
<p>Sterling and Wilson said that an increase on account of certain cost provisions, which affected the percentage of completion, led to a revenue reversal in ongoing EPC projects.</p>
<p>Four international projects faced cost overruns due to punch point and handover costs amounting to ₹614.3 million (~$7.4 million), reflecting the fall in revenue.</p>
<p>Also, one of the international projects currently under commissioning is facing challenges in achieving the desired plant output. After a detailed evaluation, Sterling said it has now decided to replace material and ancillary items which are causing the impediment.</p>
<p>Sterling and Wilson recently <a href="https://www.mercomindia.com/sterling-and-wilson-bos-package-solar" target="_blank" rel="noopener">bagged</a> NTPC’s tender for the balance of system package to develop 1.2 GW solar projects at Khavda renewable park in Gujarat.</p>
<p>During Q4, the company also directed funds to <a href="https://www.mercomindia.com/daily-news-wrap-up-sterling-and-wilson-solar-solar-projects-nigeria" target="_blank" rel="noopener">develop</a>, design, construct, and commission solar power projects aggregating 961 MW at five locations in Nigeria, for which it signed a memorandum of understanding with the Federal Republic of Nigeria.</p>
<p>The company’s Earnings Before Interest, Tax, Depreciation, and Amortization (EBITDA) loss widened to ₹3.55 billion (~$43 million) for Q4 from ₹820 million (~$10 million) in Q4 2022.</p>
<p><strong>Full Year</strong></p>
<p>Sterling and Wilson’s net loss for FY 2023 widened by 30% to ₹11.75 billion (~$143.11 million) from ₹9.16 billion (~$111.57 million) in the previous year, primarily driven by lower returns from the EPC projects for which the company signed contracts in the year.</p>
<p>As of March 31, 2023, Sterling and Wilson’s order book has unexecuted EPC projects worth ₹49 billion (~$597.8 million), of which around 90% of projects are domestic.</p>
<p>The company recorded a YoY drop of 60% in its total revenue at ₹20.15 billion (~$242.43 million) for FY 2023.</p>
<p>Revenue from the EPC business totaled ₹18.23 billion (~$221.9 million) for the year, down by 63% from ₹49.74 billion (~$605.5 million) in FY 2022.</p>
<p>The company’s EBITDA loss widened by 19% to ₹10.23 billion (~$124.5 million) for FY 2023 compared to a loss of ₹8.62 billion (~$104.9 million) in 2022.</p>
<p>The total revenue of Sterling and Wilson Renewable Energy <a href="https://www.mercomindia.com/sterling-wilsons-q3-revenue-shrinks-73-yoy" target="_blank" rel="noopener">fell</a> by 73% YoY to ₹4.18 billion (~$51.5 million) in the third quarter of 2023.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
</div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
</div></div><div class="clearfix"></div></div></div>

Sterling and Wilson’s Q4 Net Loss Grows as Returns from EPC Projects Drop


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="http://cms.mercomindia.com/wp-content/uploads/2023/03/amazon_polly_51555.mp3?version=1679398236">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p><a href="https://www.sterlingandwilsonre.com/" target="_blank" rel="noopener">Sterling and Wilson Renewable Energy</a>, the solar engineering, procurement, and construction (EPC) arm of Shapoorji Pallonji Group, won <a href="https://www.ntpc.co.in/">NTPC</a>’s tender for the balance of system (BOS) package to develop 1.2 GW (4*300 MW) of solar power projects at Khavda renewable park in Gujarat.</p>
<p>The aggregate capacity of the project is approximately 1.5 GW. The total bid value, including the operation and maintenance for 3 years, is ₹21 billion (~$254 million).</p>
<p>NTPC Renewable Energy, the wholly-owned subsidiary of NTPC, <a href="https://www.mercomindia.com/ntpc-bos-tender-1-2-gw-solar-projects-gujarat" target="_blank" rel="noopener">invited</a> bids for the project in November last year. The scope of work included the design, engineering, manufacturing, installation, and commissioning of solar projects.</p>
<p>NTPC said that the projects could be in diverse sectors, including power, steel, oil and gas, petrochemical, fertilizer, cement, coal mining, or any other process industry. The Ministry of New and Renewable Energy gave the go-ahead to NTPC Renewable Energy in 2021 to set up the renewable park at the Khavda solar park.</p>
<p>Last June, NTPC Renewable Energy also <a href="https://www.mercomindia.com/ntpc-floats-bos-tender-solar-projects-gujarat" target="_blank" rel="noopener">invited</a> bids for the BoS package for 1,255 MW (3*315 MW+310 MW) of solar projects at the Khavda park. The total contract value, including three years of operation and maintenance, is about ₹22 billion (~$275.41 million).</p>
<p>Sterling and Wilson Renewable Energy emerged as the lowest bidder for the 1,255 MW project.</p>
<p>Per the tender terms, Sterling and Wilson deposited ₹50 million (~$612,045) as bid security for one block of 300 MW capacity, ₹100 million (~$1.22 million) for two blocks totaling 600 MW, and ₹200 million (~$2.45 million) for three or more blocks totaling 900 MW and 1,200 MW, respectively.</p>
<p>According to Mercom’s <a href="https://www.mercomindia.com/product/mercoms-india-solar-market-leaderboard-2022-market-shares-and-profiles" target="_blank" rel="noopener">India Solar Market Leaderboard 2022</a>, Sterling and Wilson, Siemens Gamesa, and Tata Power Solar were the top utility-scale solar engineering, procurement, and construction service-providing companies in 2021. Sterling and Wilson led the way with a market share of 12%.</p>
<p>Last year, Shapoorji Pallonji <a href="https://cms.mercomindia.com/shapoorji-pallonji-to-offload-1-25-stake-in-sterling-and-wilson/" target="_blank" rel="noopener">proposed</a> to sell 2,370,787 equity shares having a face value of ₹1 (~$0.013) each, amounting to a 1.25% equity it holds in its solar engineering and construction arm Sterling and Wilson Renewable Energy.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gourav-mishra/" class="vcard author" rel="author"><span class="fn">Gourav Mishra</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="50" /></p>
<p><strong style="text-decoration: underline">Gourav,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav.</a></p>
</div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/04/WhatsApp-Image-2022-04-06-at-6.37.25-PM-1-1.jpeg" width="89" height="102" /><a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">Gourav</a> is a staff reporter with Mercom India with over six years of experience in various roles with NewsX, The New Indian Express, IBTimes India, and U.S., Republic, and Analytics India Magazine. Gourav has a Master&#8217;s in journalism from Jain University, Bengaluru. <a href="https://mercomindia.com/author/gourav-mishra/" target="_blank" rel="noopener">More articles from Gourav Mishra</a></div>
</div></div><div class="clearfix"></div></div></div>

Sterling and Wilson Bags BoS Package Tender for 1.2 GW Solar Projects

sterling

Get the most relevant India solar and clean energy news.

RECENT POSTS