Leading solar power generation company Sterling & Wilson Solar (SWSL) has bagged its largest EPC contract from Australia worth over AUD 615 million (over Rs 3,000 crore), including an AUD 85 million worth of operation and maintenance contract for 20 years.
For the Shapoorji Pallonji Group and Khurshed Daruvala family promoted company, this award comes within 15 months of its entry in Australia, which took its cumulative order book in that country to around AUD 1 billion (Rs 4,900 crore). With this contract, SWSL, which had been facing financial troubles after a default, also became one of the largest solar EPCs in this market.
While the multi-billion-dollar Shapoorji Pallonji Group owns 67 per cent SWSL, the rest is 33 per cent is owned by the Khurshed Daruvala family.
The company towards later 2019 landed in the default list after failing to honour a Rs 2,500 crore debt repayment obligation. Of this, the company had cleared Rs 1,500 crore including interest, as of early April.
It has also signed two projects in its home market in spite of COVID-19 pandemic driven lockdown with leading global independent power producers worth Rs 620 crore.