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Sterling & Wilson Energy trades 5% higher after bagging $2.2 billion Nigeria order

21 Mar 2024 , 05:48 PM

Sterling and Wilson Renewable shares surged 5% and are locked in the upper circuit on reports that a Sterling and Wilson JV had obtained a $2.2 billion deal from the Nigerian government.

At around 9.37 AM, Sterling & Wilson was trading 4.99% higher at Rs 330.50, against the previous close of Rs 314.80 on NSE.

Sun Africa LLC, a Sterling and Wilson Renewable joint venture, would build 961 MWp of solar PV production infrastructure and 455 MWh of storage energy for Nigeria. According to reports, Sterling and Wilson would receive $1.5-2 billion from the $2.2 billion order.

Adebayo Adelabu, Nigeria's power minister, stated that ING Bank, Citi, and US-EXIM Bank will fund the project and will contribute more than $10 billion over time.

Both sides have not signed a formal agreement. Order execution is planned to commence six months after the agreement is signed.

In its September quarterly results, the business reported a net loss of Rs 54.51 crore, down from Rs 298.71 crore in the same quarter of previous year. Its overall income increased to Rs 776.73 crore from Rs 410.80 crore in the previous corresponding quarter.

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