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					</table><p>Sterling and Wilson Renewable Energy (<a href="https://www.sterlingandwilsonre.com/" target="_blank" rel="noopener">SWREL</a>) has received a letter of intent (LOI) from a private independent power producer for the engineering, procurement, and construction (EPC) of the balance of system (BoS) package for a 300 MW solar project in Rajasthan.</p>
<p>The estimated contract value of the project is ₹4.15 billion (~$47 million).</p>
<p>The scope of work includes EPC for the BoS of a 300 MW solar power project with a 220/33 kV substation in Rajasthan, as well as the operation and maintenance (O&amp;M) of the project.</p>
<p>In a regulatory filing, SWREL reported gross order inflows exceeding ₹24 billion (~$271.8 million) this year.</p>
<p>SWREL is a global, pure-play provider of end-to-end EPC services for the renewable energy sector.</p>
<p>Its offerings include EPC services for utility-scale solar, floating solar, and hybrid and energy storage projects, with a total portfolio exceeding 22.8 GW, comprising commissioned and under-construction projects.</p>
<p>It also manages an O&amp;M portfolio of 9.3 GW of solar projects, including assets built by third parties.</p>
<p>In August 2025, SWREL <a href="https://www.mercomindia.com/sterling-and-wilson-bags-ntpc-rels-245-mw-solar-epc-auction" target="_blank" rel="noopener">won</a> NTPC Renewable Energy’s EPC auction to set up a 245 MW solar project in Khavda Renewable Energy Park in the Rann of Kutch, Gujarat. As part of the contract, SWREL will provide comprehensive O&amp;M services for three years.</p>
<p>In the first quarter (Q1) of the financial year 2026, SWREL’s revenue <a href="https://www.mercomindia.com/sterling-and-wilsons-q1-fy-2026-profit-up-680-on-project-execution-growth" target="_blank" rel="noopener">rose</a> to ₹17.62 billion (~$204.88 million), a 93% year-on-year increase from ₹9.15 billion (~$106.4 million). This growth was driven by a ramp-up in the execution of EPC projects across domestic and international markets.</p>
<p>In an interview on the sidelines of the Mercom India Renewables Summit 2025, <a href="https://www.mercomindia.com/epc-players-must-set-reasonable-deadlines-amidst-equipment-crunch-interview" target="_blank" rel="noopener">held</a> in New Delhi on July 24-25, 2025, Vaibhav Roongta, Chief Business Officer at Rays Power Infra, discussed the bottlenecks in EPC projects and advised EPC companies to set reasonable deadlines amidst equipment crunches.</p>


Sterling and Wilson Secures Letter of Intent for BoS of 300 MW Solar Project


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					</table><p>Sterling and Wilson Renewable Energy (<a href="https://sterlingandwilson.com/" target="_blank" rel="noopener">SWREL</a>) has won NTPC Renewable Energy’s (<a href="https://www.ntpcrel.co.in/" target="_blank" rel="noopener">NTPC REL</a>) engineering, procurement, and construction (EPC) auction to set up a 245 MW solar project in Khavda Renewable Energy Park in the Rann of Kutch, Gujarat.</p>
<p>The tender was <a href="https://www.mercomindia.com/ntpc-renewable-energy-floats-epc-tender-for-245-mw-solar-project-in-gujarat" target="_blank" rel="noopener">floated</a> in May 2025.</p>
<p>The company has not disclosed the project’s contract value.</p>
<p>SWREL must provide comprehensive operation and maintenance services for three years. This includes providing the electrical equipment, consumables, and spare parts.</p>
<p>The scope of work covers the design, engineering, manufacturing, installation, testing, and commissioning of the solar project in the south lock of the Khavda Renewable Energy Park.</p>
<p>It also includes the supply of solar modules, grading and clearing of vegetation at the project site, topographical surveys, and geotechnical investigations.</p>
<p>SWREL must design and construct the foundation, erect tracker-based module mounting structures, and fix solar modules on the module mounting structures.</p>
<p>It must also construct a pre-engineered type of inverter room with a power conditioning unit associated with low-tension and high-tension switchgear. It must also build a pre-engineered high-tension switchgear room for the string inverter.</p>
<p>The project encompasses all associated electrical and civil works required for interfacing with the grid, as well as the evacuation of power to the 33 kV switchgear of the 33/400 kV GIS substation through a 33 kV cable.</p>
<p>It also covers the design, supply, and installation of robotic module cleaning systems.</p>
<p>The project must be equipped with a supervisory control and data acquisition system for remote monitoring and control of the inverters. It must also include a weather monitoring station.</p>
<p>SWREL provides EPC services for utility-scale solar, floating solar, hybrid, and energy storage solutions. It has a total portfolio of over 22.8 GW and manages the operation and maintenance portfolio of 9.3 GW solar power projects, including those constructed by third parties.</p>
<p>In June 2025, NTPC <a href="https://www.mercomindia.com/ntpc-issues-epc-tender-for-250-mw-solar-project-in-rajasthan" target="_blank" rel="noopener">invited</a> tenders for the EPC of a 250 MW ground-mounted solar power project in Bikaner, Rajasthan.</p>
<p>Subscribe to Mercom’s <a href="https://www.mercomindia.com/product/india-solar-tender-tracker" target="_blank" rel="noopener">India Solar Tender Tracker</a> to stay on top of real-time tender activity.</p>


Sterling and Wilson Bags NTPC REL’s 245 MW Solar EPC Auction


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					</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>, posted a net profit of ₹50 million (~$600,000) in the first quarter of the financial year (FY) 2025, swinging from a net loss of ₹950 million (~$11.4 million) in the same quarter last year. This marks the second consecutive quarter of profit for the company.</p>
<p>The bottom line was helped with revenue growth of 78% year-over-year (YoY), reaching ₹9.15 billion (~$109.8 million) in the quarter, up from ₹5.15 billion (~$61.8 million).</p>
<p>The revenue growth was primarily driven by higher execution in domestic EPC projects, contributing ₹8.32 billion (~$99.8 million) to the total revenue. International EPC operations generated ₹260 million (~$3.1 million), while the Operations and Maintenance segment added ₹570 million (~$6.8 million) to the top line.</p>
<p>The improvement in financial performance can be attributed to its strong growth in domestic EPC operations, which saw a YoY increase of 61.6%. However, international EPC operations continued to face challenges, showing a decline from the previous year.</p>
<p>The company maintained gross margins at 11.1% in Q1, slightly down from 11.3% last year.</p>
<p>Earnings before interest, tax, depreciation, and amortization (EBITDA) also turned positive to ₹370 million (~$4.4 million) in Q1 from negative EBITDA of ₹340 million (~$4.1 million) reported in the same quarter last year.</p>
<p>The company&#8217;s order book also continued to grow, with the unexecuted order value standing at ₹93.96 billion (~$1.13 billion) as of June 2024, up from ₹80.84 billion (~$970.1 million) in March 2024. During the quarter, the company received new orders and Letters of Intent totaling ₹21.70 billion (~$260.4 million), further bolstering its future revenue visibility.</p>
<p><img loading="lazy" decoding="async" class="aligncenter wp-image-68304 size-full" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Screenshot-2024-07-19-121416.png" alt="Sterling and Wilson Order Inflows" width="628" height="431" srcset="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Screenshot-2024-07-19-121416.png 628w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Screenshot-2024-07-19-121416-300x206.png 300w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Screenshot-2024-07-19-121416-624x428.png 624w, https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2024/07/Screenshot-2024-07-19-121416-600x412.png 600w" sizes="(max-width: 628px) 100vw, 628px" /></p>
<p>Helped by falling module prices, the company <a href="https://www.mercomindia.com/sterling-and-wilson-posts-profit" target="_blank" rel="noopener">posted</a> its first profit last year after nearly 12 quarters in Q4 2024.</p>
<p>Last December, the company <a href="https://www.mercomindia.com/sterling-wilson-qualified-institutions-placement" target="_blank" rel="noopener">raised</a> ₹15 billion (~$180.03 million) through Qualified Institutions Placement.</p>


Sterling and Wilson Swings to Q1 Profit on Strong Domestic EPC Demand

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