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Shares of Sterling & Wilson Renewable Energy, promoted by Reliance Industries' New Energy business, have gained over 20 percent during the last four trading sessions.

In an exchange filing last night, the company mentioined that its wholly-owned step-down subsidiary— Sterling & Wilson Solar Solutions Inc., along with its consortium partner Sun Africa LLC, signed a Memorandum of Understanding (MoU) with the government of Nigeria to develop, design, construct, and commission solar photovoltaic power plants.

The plants will have a total installed capacity of 961 MWdc (MegaWatt defined conditions), at five different locations in Nigeria. The MoU also entails the construction of battery energy storage systems with total installed capacity of 455 MWh (Megawatt-hour).

On completion, these projects will be owned and operated by Niger Delta Power Holding Company (NDPHC), an entity run by the Nigerian Government. Financing terms for these projects are currently under negotiations between the US EXIM, ING, and the Government of Nigeria, according to the exchange filing.

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Sterling & Wilson Renewable falls as higher construction costs widen losses

Sterling & Wilson provides turnkey EPC services for utility-scale, rooftop and floating solar power projects. It also provides operations and maintenance services for projects constructed by third parties.

Late last year, Reliance Industries announced the acquisition of 40 percent stake in the company, through its subsidiary Reliance New Energy Ltd., in line with its strategy to enable 100 GW clean and green energy by 2030. "RIL’s long years of expertise in business development will help SWREL consolidate its position in existing territories and make its mark in new geographies," Sterling & Wilson wrote in its annual report.

Last month, the company had announced that it had emerged as the L-1 bidder for a solar PV project in Gujarat worth Rs 2,200 crore. The proposed plant will belong to NTPC Renewable Energy Ltd. and the bid price includes operations and maintenance services for three years. As of March 31 this year, the company's total unexecuted order book stood at Rs 3,253 crore.

However, the company won orders worth only Rs 719 crore in FY22, compared to Rs 7,936 crore at the end of FY21.

Shares of Sterling and Wilson Renewable Energy are up 5% as of noon on Friday, trading at Rs 346. The stock is up for the fourth day in a row.

Also Read: Borosil Renewables, Sterling and Wilson rise as Cabinet approves PLI for solar PV modules

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