Larsen & Toubro Ltd.'s renewable division has secured major contracts to construct two large-scale solar PV plants in the Middle East. The combined capacity of these plants will be 3.5 gigawatt. The value of these mega orders is estimated to be between Rs 10,000 and Rs 15,000 crore, according to an exchange filing.
The scope of the orders also includes grid interconnections encompassing pooling substations and overhead transmission lines. Detailed engineering and initial construction work are expected to commence shortly.
Last month, L&T announced having won a solar-cum-storage plant order in India. Now, with the fresh mega orders from the Middle East, L&T's renewables portfolio is poised to reach 22 gigawatt peak cumulative capacity, comprising solar and wind generation projects already commissioned and those in the making.
“The Middle East is far ahead in creating sustainable energy infrastructure and in providing a smart lifestyle. These orders are welcome additions to our green portfolio, as we build the company of the future with next-generation technologies,” said Chairman and Managing Director SN Subrahmanyan.
Shares of L&T rose as much as 0.51% during the day to Rs 3,645.7 apiece on the NSE. It was trading 0.31% lower at Rs 3,615.9 apiece, compared to a 0.14% decline in the benchmark Nifty 50 as of 12:51 a.m.
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