Sterling and Wilson is currently developing the world’s largest single location solar PV plant in Abu Dhabi.
To make its solar engineering,procurement and construction business public,Shapoorji Pallonji Group has recently appointed ICICI Securities Ltd.As per the information,the ICICI Securities to begin work on the initial public offering (IPO) process, and once the work progresses,more bankers will be hired in the advanced stage.
The solar business of Shapoorji Pallonji Group lead by their flagship company, Sterling and Wilson is expected to fetch a valuation of around $3.5-4 billion.And apparently the company is focusing at a pre-IPO fundraise in the solar engineering business.
World’s largest single location solar PV plant
Sterling and Wilson had already secured the contract for the world’s largest single location solar PV plant, to be developed in Sweihan, Emirates of Abu Dhabi.
As per the official source,the project will deliver a capacity of 1177 MWp, easily surpassing the current largest 850 MWp single location plant in China.The company’s revenue stood at ₹6,200 crore during the financial year 2016-17.
Earlier,Jai Mavani, executive director at Sterling and Wilson, had stated that the group expects to raise about $1 billion by bringing outside investors into its solar unit.
India’s first large-scale floating project
Shapoorji Pallonji Group won Solar Energy Corporation of India (SECI)’s bid to develop 50 MW of the country’s first large-scale floating project in Uttar Pradesh in November 2018.For implementing the 50 MW project,it has entered into a 25-year power sale agreement with the Uttar Pradesh Power Corporation Limited (UPPCL).
SECI’s first block of the 150 MW floating solar project is set to come up at the Rihand Dam in Sonbhadra district of Uttar Pradesh.
