Sterling and Wilson Renewable Energy Ltd. announced on Tuesday that it has secured three new green energy projects totaling Rs 1,470 crore.
The first project is a wind-solar hybrid project (69.3 MW – 75 MW) in Rajasthan, for which the company received a letter of award. Additionally, SWREL has emerged as the lowest bidder for a 260 MW turnkey solar project in Gujarat.
The company also received a letter of award for a photovoltaic plant in Rajasthan.
Chandra Kishore Thakur, global chief executive officer at SWREL, said, "We are very excited to bag three prestigious domestic projects including our foray into wind EPC through a hybrid project win, which opens up a new exciting segment for us."
Shares of SWREL closed 6.33% higher at Rs 266.20 apiece on the National Stock Exchange, compared to a 1.5% decline in the benchmark Nifty. The stock has fallen 50.70% in the last 12 months and declined by 41.99% on a year-to-date basis.
Three out of the four analysts tracking the company have a 'buy' rating on the stock and one recommends 'hold', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 68.9%.
(With PTI inputs)
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