### **Overview** Sterling & Wilson Renewable Energy Limited (SWREL) is a **global, pure-play end-to-end renewable energy Engineering, Procurement, and Construction (EPC) solutions provider**, with a focus on **utility-scale solar, floating solar, hybrid systems, wind, and battery energy storage systems (BESS)**. The company operates across **28 countries**, including India, Southeast Asia, the Middle East, Africa, Europe, Australia, and the Americas, and has emerged as a leader in both EPC and Operations & Maintenance (O&M) services in the global renewable energy sector. Since its incorporation in 2017 (as a demerged entity from Sterling & Wilson), SWREL has scaled its project portfolio to over **24.4 GWp**, supported by a robust unexecuted order backlog and a diversified international presence. --- ### **Key Business Segments** SWREL operates through two primary business segments: 1. **Engineering, Procurement & Construction (EPC):** - Offers **turnkey**, **Balance of System (BoS)**, and **packaged BoS** solutions for solar, wind, floating solar, hybrid, and energy storage projects. - Services cover the **entire project lifecycle**, from conceptualization, design, engineering, procurement, construction, to commissioning, grid connection, and handover. 2. **Operations & Maintenance (O&M):** - Provides **technology-driven, predictive, and preventive O&M services** for solar, wind, hybrid, and battery storage assets—both for its own EPC projects and third-party constructed plants. - O&M portfolio as of October 2025: **9.1 GWp** of solar projects. - Generates **stable, annuity-like revenue** with high gross and net margins. --- ### **Recent Highlights (as of October 2025)** #### **1. Order Inflow & Order Book** - **Total Order Inflow (FY25–26):** Approximately **INR 3,775 crores**, with **INR 3,000 crores** booked from Q1. - **Unexecuted Order Backlog:** **INR 9,287 crores** (up from INR 9,096 crores in March 2025). - **Recent Project Wins:** - **304 MWp Turnkey EPC Project** in Khavda, Gujarat – valued at **INR 818 crores**. - Declared **L1 bidder** for two BoS projects (Rajasthan & Uttar Pradesh), totaling **943 MWp and INR 760 crores**. - Won a **421 MWp BoS project** in Rajasthan from a private IPP – valued at **INR 372 crores**. - **International Expansion:** - Secured a **115 MW turnkey EPC project** in **South Africa** (USD 120 million), its **third project** in the country. - Actively pursuing additional projects with major players in South Africa and Europe. --- ### **Project Portfolio & Execution Capability** - **Total EPC Portfolio:** **>24.4 GWp** (including commissioned and projects under construction). - **Flagship Projects:** - **1,177 MWp photovoltaic plant** in **Abu Dhabi** – one of the **world’s largest single-location solar plants**. - Managing **NTPC’s 3 GW+ solar projects**, including major installations in **Khavda, Gujarat**. - Executing **India’s largest BESS project** – a **2 x 250 MW AC standalone Battery Energy Storage System (BESS)** in Rajasthan (one of the few gigawatt-hour scale projects globally). - Constructing **one of India’s largest solar PV plants** in Khavda, Gujarat, spanning over 6,000 acres. --- ### **Strategic Diversification Beyond Solar** SWREL is evolving from a pure-play solar EPC provider into a **broad-based renewable energy solutions company**: - **Wind EPC Entry (2025):** - Awarded a **hybrid project in Rajasthan** comprising: - **69.3 MW wind BoP** - **58 MW AC / 75 MWp DC solar BoS** - **132 kV/33 kV pooling substation** - Marks successful entry into **wind engineering and hybrid project delivery**. - **Battery Energy Storage Systems (BESS):** - In-house **BESS team** with expertise in solar-plus-storage integration, standalone BESS, and grid stability solutions. - Secured **Letter of Intent (LOI)** for one of India’s largest **2 x 250 MW AC standalone BESS plants**. - Positioned for growth in global BESS markets (Europe, US, Latin America, Australia) driven by **round-the-clock (RTC) renewable energy demand**. - **Floating Solar:** - Global leader and **first-mover** in floating solar solutions. - Offers end-to-end services: **bathymetric studies, anchoring, mooring**, **floating structure installation**, and **O&M manuals**. - Commissions **India’s first floating solar project (450 kWp)** and executed installations in reservoirs and industrial pools. - Projects in **Jharkhand, Kerala, Gujarat**; expanding to new markets globally. - **Waste-to-Energy & Green Hydrogen Initiatives:** - Expanding into **waste-to-energy (WTE)** and **green hydrogen** projects. - Secured a **USD 200 million WTE project** in the **UK**, processing 185,600 tonnes/year of municipal waste. - Aligning with India’s **National Green Hydrogen Mission** for future capacity. --- ### **Operations & Maintenance (O&M) – Annuity Revenue Driver** - **O&M Portfolio:** **9.1 GWp**, including third-party projects. - **Average Plant Availability:** Consistently exceeds **99.7%** (industry benchmark: 99.5%). - **Advanced O&M Technologies:** - **Drone thermography**, **robotic cleaning**, **IV curve diagnostics**, **EL testing**. - **AI/ML-powered predictive analytics**, **real-time monitoring**, **remote plant oversight** via centralized NOC. - **NABL-certified mobile testing lab** for on-site flash testing, fault detection, and quality assurance. - **Growth Strategy:** - Focus on **organic and inorganic expansion** of **third-party O&M contracts**, especially in **international markets**. - Expected **2–2.5x growth in O&M business** over next two years. --- ### **Financial & Operational Strength** - **Asset-Light Business Model:** - Low capital expenditure and working capital requirements. - Short project execution cycles (typically 9–12 months), with strong advance payment models. - **High ROCE & Profitability:** - Demonstrated **high return on capital employed (ROCE)** – 29% in FY20. - O&M segment delivers **>30% gross margins**, contributing to stable earnings. - **Financial Backing & Strategic Partnership:** - **Reliance Industries Limited (RIL)** acquired a **40% stake** in 2022 via **Reliance New Energy Limited (RNEL)**. - Provides **financial strength, credibility, and supply chain access**, enabling large-scale international bidding. - Acts as a **strategic partner** in RIL’s vertical integration plan in solar manufacturing and clean energy. --- ### **Technology & Innovation** - **Design & Engineering:** - **In-house engineering team of 135+ professionals**, with 80% based in India for cost efficiency. - Specialized expertise in **crystalline silicon**, **bifacial modules**, **single-axis trackers**, and **string inverters**. - Capable of **faster turnaround times (2–3 days)** vs. outsourced models (15+ days). - Uses **PV simulation software** and conducts **grid impact studies**, **DC earth fault detection**, and **performance optimization**. - **Digitalization & Automation:** - **RFID + GPS tracking** of solar modules for **asset visibility and quality control**. - **Wireless string combiner boxes** reduce copper and civil costs. - **Robotic installation and cleaning systems** for improved precision and efficiency. - **Centralized Monitoring System (CMS)** and **Computerized Maintenance Management System (CMMS)** for O&M. --- ### **Global Footprint & Market Strategy** - **Operations in 28 countries** across Asia, Middle East, Africa, Europe, Americas, and Australia. - **Key Markets:** India (85% of order inflow), Australia, South Africa, USA, Europe (Spain, Italy), MENA. - **Strategic Entry into Europe:** - Secured **EPC orders from Plentitude (Spain)** and **Enfinity (Italy)**. - Declared **L1 for 225 MW AC project** in Gujarat from a PSU – first FY26 domestic win. - **Expansion Roadmap:** - Focus on **large, commercially viable**, and **margin-accretive projects**. - Selective bidding based on **risk-reward assessment** and favorable contract terms. - Aims to become the **world’s number one solar EPC player** within 3–5 years.