Valued at Rs 100-150 billion, L&T’s renewables division secured orders for two solar projects in the Arab world, significantly boosting its green portfolio.
On Monday, the Indian multinational Larsen & Toubro announced a recent solar project deal signed with a ‘prominent’ developer in the Middle East. As stated in the regulatory filing, the company will develop two solar PV plants with a total capacity of 3.5 GW.
L&T did not disclose the financial specifics of the contract, but according to its project classification, the value of a large order falls between Rs 100 and Rs 150 billion. Besides, the exact location of these projects and the project authority’s name have yet to be revealed.
According to the company, engineering and initial construction will soon begin. The orders also cover grid interconnections, including pooling substations and overhead lines.
L&T Chairman & Managing Director S. N. Subrahmanyan stated that these orders provide an opportunity to enhance their green portfolio and advance towards creating a future-focused company with cutting-edge technologies.
“The successive order wins stand testimony to our proven engineering and project management capabilities to meet the requirements regarding plant performance, workforce mobilisation, safety, quality and timeline,” commented T Madhava Das, Whole-time Director and Senior Executive Vice President (Utilities), L&T.
Larsen & Toubro is a $27 billion multinational involved in engineering, procurement, and construction (EPC) projects, advanced manufacturing, and services across various regions.
The company’s shares were trading at Rs 3,600 each, a decrease of 0.78 per cent on the Bombay Stock Exchange.
