Sterling and Wilson surges 5%, hits upper circuit after securing $2.2 billion Nigeria order

Sterling and Wilson JV will develop 961 MWp of Solar PV generation infrastructure and 455 MWh of battery energy

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Shares of Sterling and Wilson Renewable gained 5 percent and got locked in the upper circuit on November 22 after CNBC-TV18 reported that a Sterling and Wilson JV won a $2.2 billion order from the Nigerian government.

The stock was locked at Rs 314.8 in NSE.

Sun Africa LLC, a joint venture of Sterling and Wilson Renewable will develop 961 MWp of Solar PV generation infrastructure and 455 MWh of battery energy for Nigeria. CNBC-TV18 reported that Sterling and Wilson would get $1.5-2 billion from the $2.2 billion order.

Nigeria’s power minister Adebayo Adelabu said ING Bank, Citi and US-EXIM Bank will support the project and will commit over $10 billion over the years.

A formal deal hasn’t been signed by both the parties. The order execution is expected to begin six months after the deal signing.

In its September quarterly results, the company’s net loss declined to Rs 54.51 crore from Rs 298.71 crore in the previous year. Its total income rose to Rs 776.73 crore from Rs 410.80 crore a year ago.

The stock has gained 16.53 percent in the year-to-date period, beating the benchmark Nifty which grew by 8.47 percent.

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