Sterling and Wilson Renewable, a prominent player in the global renewable energy market, has seen its share value soar to ₹314.8 on the National Stock Exchange (NSE) today. The spike follows the announcement of Sun Africa LLC's acquisition of a substantial $2.2 billion contract to develop solar infrastructure in Nigeria. The project includes the construction of 961 MWp Solar PV and 455 MWh battery storage units, which is expected to generate revenue between $1.5-2 billion for Sterling and Wilson.
The ambitious initiative has secured strong financial commitments from major international banks, with ING Bank, Citi, and US-EXIM Bank collectively pledging over $10 billion for future projects. This was disclosed by Nigeria’s power minister, who also noted that the project is set to commence six months after the contract is finalized.
In conjunction with this development, Sterling and Wilson Renewable has reported a notable improvement in its financial performance. The company's quarterly net loss has been reduced to ₹54.51 crore while its income has surged to ₹776.73 crore (INR100 crore = approx. USD12 million), marking a significant recovery from last year's figures.
Investors have responded positively to these developments, as evidenced by Sterling and Wilson's shares outperforming the broader market with a year-to-date increase of 16.53%, surpassing the Nifty's gain of 8.47%. This uptrend reflects investor confidence in Sterling and Wilson Renewable's growth trajectory and its expanding presence in the renewable energy sector.
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