Sterling and Wilson Renewable Energy Limited (SWREL) has secured its second South African engineering, procurement, and construction (EPC) project this fiscal year, a turnkey contract valued at approximately Rs13.13bn ($147m) for a 240MW AC solar photovoltaic (PV) project. This latest award brings the company’s total EPC order inflows this fiscal year to over Rs50.88bn, underscoring a significant uptick in its international project pipeline.
In October, SWREL announced a letter of intent for an 115MWp project in South Africa worth $120m. The company’s CEO, Chandra Kishore Thakur, expressed enthusiasm about the recent contract, stating, “We are very excited to announce our second international order from South Africa this fiscal [year] within a span of two months.” He emphasized the company’s strong market positioning, noting that SWREL is currently implementing four PV projects with four different developers in the country.
The South African solar PV market is experiencing rapid expansion, driven by corporate demand for energy security, declining costs, and improved grid stability. SWREL is capitalizing on these trends by scaling its project portfolio and strengthening relationships with local developers. The company’s operational progress on two projects awarded last fiscal year further solidifies its presence in the market.
SWREL’s total portfolio exceeds 22.8GWp, encompassing commissioned projects and those under various stages of construction. As an end-to-end renewable EPC provider, the company offers services for utility-scale solar, floating solar, and hybrid and energy storage solutions.
This latest development in South Africa could signal a broader trend in the renewable energy sector, where international players are increasingly turning to emerging markets for growth opportunities. As SWREL continues to expand its footprint, it may set a precedent for other EPC firms to follow, potentially accelerating the adoption of solar PV technologies in regions with favorable market conditions. The company’s success could also spur further investment in South Africa’s renewable energy infrastructure, fostering a more competitive and resilient energy landscape.