Shares of Sterling and Wilson Renewable Energy witnessed a sharp surge after it informed the exchanges that it had bagged a project from NTPC Renewable Energy in Khavda, Gujarat, worth Rs 1,535 crore.

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The engineering, procurement and construction (EPC) project of 300 megawatt of alternating current (MWac) of NTPC REL is located at the Khavda renewable energy plant at the Rann of Kutch in Gujarat.

This is the company's third NTPC REL order in over a year, it said, adding the formal contract signing is likely to happen in due course,

The contract price of the project, including operations and mainenance for three years, is Rs 1,535 crore, the compaby said.

"The new order win of 300 MWac complements our existing portfolio of 2.47 gigawatt of alternating current (GWac) currently under execution for NTPC REL in Khavda and helps us leverage the low module price environment globally," said Amit Jain, the Global CEO of Sterling and Wilson Renewable Energy Group.

He said with this order, the company's order booking stands at Rs 3,100 crore this year, so far. "The domestic order pipeline continues to remain strong and we’re confident of surpassing the FY 2023 order booking in this financial year," he added

The stock is up 4.44 percent at Rs 361.8 apiece at 11.10am on Friday, September 29.

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