Sterling & Wilson Renewable Energy's share price increased by over 6% after receiving a letter of intent for a significant new contract worth approximately ₹1,200 crore in Gujarat. Sterling and Wilson Renewable Energy shares rose 6.81% to ₹471.00 on the BSE.

The company obtained an order for Design, Engineering, Procurement, and Construction of Balance of System (BOS) for a 500 MW (AC) Solar PV project on an epc basis. In addition to EPC with a single point of responsibility, it will feature three years of thorough operation and maintenance.

"India is one of the world's largest energy markets, so it must prioritize sustainable solutions to address climate change while also bolstering energy security, job creation, and economic growth. We remain confident about the future expansion of India's renewable energy sector and our expanded role in supporting it," stated Amit Jain, Global CEO of Sterling and Wilson Renewable Energy Group.

Sterling and Wilson Renewable Energy is a global provider of comprehensive renewable engineering, procurement, and construction (EPC) solutions. The company offers EPC services for utility-scale solar, floating solar, hybrid and energy storage systems, with a total portfolio of more than 20.7 GWp.

The company also maintains an O&M portfolio of 7.8 GWp solar power facilities, including those built by third parties.

Sterling and Wilson Renewable Energy's Stock Price Trend

Sterling and Wilson Renewable Energy shares have plummeted 33% in the last three months, but are up more than 7% year to date (YTD). In the last three years, renewable energy stocks have returned more than 22%.

Sterling and Wilson Renewable Energy shares were up 3.74% at ₹460.15 each on the BSE, with a market capitalization of ₹10,745 crore as of 10:20 AM.