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September 08, 2020BSE LimitedPhiroze Jeejeebhoy TowersDalal StreetMumbai – 400 001National Stock Exchange of India LimitedExchange PlazaBandra Kurla ComplexBandra (East), Mumbai – 400 051Scrip Code: 542760Symbol: SWSOLARSub.: Annual Report of Sterling and Wilson Solar Limited (“the Company”) for theFinancial Year 2019-20 along with the Notice of the 3rd Annual General MeetingRef:Intimation under Regulations 30 and 34 of Securities and Exchange Board of India(“SEBI”) (Listing Obligations and Disclosure Requirements) Regulations, 2015(“SEBI Listing Regulations”)Dear Sir/ Ma’am,Pursuant to Regulations 30 and 34 of the SEBI Listing Regulations, please find enclosed herewiththe Annual Report of the Company for the Financial Year 2019-20 along with the Notice of the 3rdAnnual General Meeting (“AGM”) of the Members of the Company. The Notice of the AGM isgiven on Page nos. 28 to 39 of the Annual Report.Further, in accordance with circular dated May 05, 2020 read with circulars dated April 08, 2020and April 13, 2020 issued by the Ministry of Corporate Affairs and circular dated May 12, 2020issued by SEBI, we wish to inform you that:1) the AGM of the Company will be held on Wednesday, September 30, 2020 at11:30 a.m. (IST) through Video Conferencing (VC)/ Other Audio - Visual Means (OAVM);and2) the Notice of the AGM along with the Annual Report are sent only by electronic mode to thoseShareholders whose email addresses are registered with the Depository Participants. TheNotice of the AGM of the Company inter alia indicates the process and manner of remote evoting/ e-voting at the AGM and instructions for participation at the AGM through VC/OAVM.The said Annual Report and Notice of AGM are also available on the website of the Company atwww.sterlingandwilsonsolar.com under the tab “Investor Relations”.Also, the agenda items proposed to be taken up at the AGM are as follows:Sr.No.1Agenda itemResolution to bepassed/ MannerofapprovalproposedTo consider and adopt the Audited Financial Statements (including Ordinarythe Audited Consolidated Financial Statements) of the Company for Resolutionthe Financial Year ended March 31, 2020, and the Reports of theBoard and the Auditors thereon.Sterling and Wilson Solar LimitedAn Associate of Shapoorji Pallonji GroupRegistered Office: Universal Majestic, 9th Floor, P. L. Lokhande Marg, Chembur (W), Mumbai – 400 043Phone: (91-22) 25485300 Fax: (91-22) 25485331 CIN: U74999MH2017PLC292281Email: info@sterlingwilson.com www.sterlingandwilsonsolar.com
Sr.No.234567Agenda itemResolution to bepassed/ MannerofapprovalproposedTo confirm the payment of Interim Dividend of 6/- (Rupees Six Ordinaryonly) per Equity Share paid during the Financial Year, as final Resolutiondividend on Equity Shares of the Company for the Financial Year2019-2020.To appoint a Director in place of Mr. Pallon Mistry, who retires by Ordinaryrotation and being eligible, offers himself for re-appointmentResolutionTo approve continuation of the term of Mr. Keki Elavia as an SpecialIndependent DirectorResolutionTo approve the appointment and remuneration of Mr. Chandra OrdinaryKishore Thakur as the Manager of the CompanyResolutionTo approve Material Related Party TransactionsOrdinaryResolutionTo approve fees to be paid by Members of the Company for service Ordinaryof documents through a particular mode of serviceResolutionRequest you to take the same on records.Thanking you.Yours faithfully,For Sterling and Wilson Solar LimitedVENKATAJAGANNADHARAO CHUNDURUDigitally signed by VENKATAJAGANNADHA RAOCHUNDURUDate: 2020.09.08 02:18:59 05'30'Jagannadha Rao Ch. V.Company Secretary & Compliance OfficerEncl.: As aboveSterling and Wilson Solar LimitedAn Associate of Shapoorji Pallonji GroupRegistered Office: Universal Majestic, 9th Floor, P. L. Lokhande Marg, Chembur (W), Mumbai – 400 043Phone: (91-22) 25485300 Fax: (91-22) 25485331 CIN: U74999MH2017PLC292281Email: info@sterlingwilson.com www.sterlingandwilsonsolar.com
Energisingthe alternativefutureSterling and Wilson Solar LimitedAnnual Report 2019-20
ContentsEnergising01-26the alternative future28-121Corporate OverviewStatutory ReportsEnergising the Alternative Future1Notice28The Global Solar Powerhouse2Directors’ Report404Management Discussion andAnalysis76Corporate Governance Report92Business Responsibility Report116Holistic Solutions for anEver-Evolving Energy LandscapeCapitalising on InternationalOpportunities6Our Journey of Growth and Success8Chairman’s Message10Our Board of Directors12Lighting up Lives withWorld-Class Solar Plants14Noor Abu Dhabi: An IncredibleSolar Story16Cochin International Airport Limited:Powered by the Sun18Maximising Performance forSustained Growth20Awards and Recognitions21Moments that Matter22Fostering Innovation througha Truly Diverse Workforce24Streamlining Our Business Processes 25Corporate Information90 MWp, De Aar, South Africa26At Sterling and Wilson Solar Limited, we believe in thephenomenal potential of the Sun and are aware of theinfinite energy that it radiates to the Earth. Being amongthe leading Solar EPC and O&M solutions providers in theworld, we are actively playing our role in displacing fossilfuels by harnessing nature’s power. With an impressiveportfolio of 245 solar power projects with an aggregatecapacity of 10,134 MWp, we are changing the landscapeof energy generation and consumption across the globeby leveraging replenishable resources and supporting themove to a sustainable energy system.122-316Financial rlingandwilsonsolar.comThe Company’s official website todownload the Annual Report.We build, operate and maintain solar projects withmaximum energy capture – participating in every stageof the EPC value chain. As innovation brings down costsand starts delivering on the promise of decarbonisation,we are poised to continue delivering affordable and rapidlydeployable energy, and accelerating the transition ofeconomies to a low-carbon energy future.Moving forward, we shall continue toexplore newer geographies, expand ourfootprint and build higher capacities. Usinginnovation to rationalise costs and deliverenhanced yields, we aspire to remain agileand globally competent. With our state-ofthe-art technology and project executioncapabilities, and a reputation to deliver topnotch O&M service, we are well positionedto energise the alternative future.We deeply thank all our retail and institutional investorsfor their participation in our initial public offering. Thisis the first Annual Report we are presenting to you as alisted entity. We assure you of our constant commitmentand dedication towards strong corporate governance andvalue creation as we have embarked on this journey.
Corporate OverviewStatutory ReportsFinancial StatementsTHE GLOBALSOLAR POWERHOUSEWe areOur diverse global portfolioA global pure-play, end-to-end solar engineering, procurementand construction (EPC) solutions provider with an asset-lightbusiness model.Encompasses high-performing solar power projects(commissioned and under various stages of construction)across India, South East Asia, Middle East, Africa, Europe, UnitedStates and Latin America and Australia.With an acceleration in the energy sector worldwide, we haveventured into rooftop, floating and solar storage solutions overthe years, covering the entire canvas in the solar power landscape.Our pride of parentageWe are a part of the Shapoorji Pallonji Group, a globalconglomerate with 150 years of EPC experience and local EPCknowledge. Our strong parentage gives us the ability to leveragethe ‘SP’ brand and gain access in over 45 countries.We provideTurnkey EPC services for utility-scale, rooftop and floating solarpower projects. We also provide operations & maintenance(O&M) services, including for projects constructed by thirdparties and offer solar plus storage solutions to our customers.We adopt a consultative approach to our customers’ solarenergy needs and capabilities, which enables us to providecustomised solutions to meet their requirements.We deliver unmatched capabilitiesAnd are the only solar EPC company with the largestfootprint, enjoying a presence in 25 countries. Ourin-house design and engineering team provides best-in-classengineering solutions.We are one of the world’s leading playersFor solar EPC projects, based on our annual installation of utilityscale photovoltaic systems. We are also amongst the leadingO&M players across the globe.Key Indicators: A testament to our strength & capabilities245Solar projects globally203Projects commissioned 11,395.9CroreUnexecuted OrderValue1634210,1347,467.97O&M projects1,551solar professionals onboard1,286permanentemployees265 onfixed termcontractsProjects under constructionWe enjoy a diversified customer baseAnd maintain strong relationships with top global strategicdevelopers. We engage with our customers from bidding toexecution and maintenance, and also benefit from the highestpercentage of repeat orders.Our end-to-end solutions includeWe have a track record of efficient projectmanagementDesign, Engineering, Procurement, Construction, ProjectManagement, Testing, Commissioning, Connecting solarprojects to the grid and the long-term Operational Maintenanceof the plant.And have established a history of effective execution and timelycompletion of projects. We undertake preventive and proactivemeasures to optimise our project execution and operations.MWpMWpTotal EPC capacityTotal O&M capacity47%Third-party O&McontractsPresence in25 countriesPartner of choiceNurturing deep and lasting relationships with strategic partnersand key stakeholders, such as engineers, suppliers, consultantsand lenders, has helped us position ourselves as an efficient EPCplayer and build a strong global network. This, along with ourconsultative approach to meet the dynamic and ever-evolvingsolar energy needs of our customers, helps us to delivercustomised and efficient solutions.With every complex project delivered, we unlock immensevalue by leveraging our engineering expertise, extensiveexperience and efficient execution capabilities. This facilitatesus in emerging as a ‘preferred partner’ to our customers, alsogaining repeat orders.48 MWp, Andhra Pradesh, India168 MWp, Ninh Thuan, Vietnam2Sterling and Wilson Solar LimitedAnnual Report 2019-203
Corporate OverviewHOLISTIC SOLUTIONS FOR ANStatutory ReportsFinancial StatementsDiversified portfolio offeringsEVER-EVOLVING ENERGY LANDSCAPEWe are a technology agnostic company, offering a complete range of customised EPC and O&Msolutions for solar power projects. A holistic approach and integration of sustainability intoour business model helps us to maintain our position as a fast-growing solar energy company,ensuring a favourable social and environmental impact across 25 countries.UtilityScaleProviding EPC services for utility-scale solar power projects, offering a complete range ofturnkey and Balance of System (BoS) solutions.SolarRooftopOffering integrated solutions for Distributed & Rooftop solar projects.FloatingSolarProviding floating solar projects with capability to float on water bodies, powered by highefficiency solar panels installed on floaters and a floating substation.Solar &Energy StorageProviding competitive and comprehensive Solar PV and Energy Storage Solutions with thelowest possible LCOE, satiating the need for flexible and dispatchable solar energy.Operations &MaintenanceProviding Operations & Maintenance (O&M) services for solar energy assets, including forprojects constructed by third parties, through a stellar team equipped with state-of-theart technologies.Performance of EPC and O&M businessRevenueEPC business 5,391.28 CroreO&M business 183.54 CroreSegmental Gross MarginEPC businessO&M business 657.28 Crore 88.73 Crore15 MWp, Kolkata, India4Sterling and Wilson Solar LimitedAnnual Report 2019-205
Corporate OverviewIndiaMENARest ofAfricaFY 2020South EastAsiaUS 55.103,052.48Driven by the increasing consumption of energy globally, and catapulted by growingenvironmental concerns due to use of conventional energy and considerably lower cost ofrenewable energy, the international solar energy market is poised for spectacular growth.Sterling and Wilson Solar Limited, with its established global presence, diversified portfolioofferings and trusted project execution capabilities, is at the forefront of this tremendoussolar opportunity.3,464.43INTERNATIONAL OPPORTUNITIESFinancial StatementsRise in Capacity (MWp)5,453.14CAPITALISING ONStatutory Reports0AustraliaFY 2019* Includes projects commissioned and under various stages of constructionWith a project pipelineof 3,472.78 MWp underdevelopment in India, MiddleEast, Africa, Latin America,Europe, Australia and US, weare continually focussed ataccentuating our leadershipposition by securing a largermarket share and expanding ourglobal footprint.27 MWp, Kansas, USA6Sterling and Wilson Solar LimitedAnnual Report 2019-207
Corporate OverviewStatutory ReportsFinancial StatementsOUR JOURNEY OFGROWTH AND SUCCESS2020Our journey is embellished with prominent milestones, each contributing immensely to ourgrowth and success. Since 2011, continuous order inflows, superior design, engineering,strategic procurement, and robust project delivery capabilities have helped us to scale up andattain market leadership. Moving forward, we endeavour to maintain our leadership positionby way of strategic expansion and accelerating our growth momentum, thus creating value forall our stakeholders. Ranked first in India andsecond globally, as perWood Mackenzie’s 2020Global PV Operations &Maintenance Report2018 Expanded operations inAustralia by acquiring acontrolling stake in GCOElectrical Pty Ltd Became the largest solarEPC solutions provider inIndia, Africa andMiddle East Diversified into Solarplus Storage solutions2019 Emerged as the world’s largestsolar EPC solutions provider byIHS Markit Emerged as a global playerwith presence and operationsacross India, Middle East, Africa,South East Asia, Europe, US andAustralia Commissioned first floatingsolar project of 450 KW in India20173.25 MWp, Oregon, USA Recognised as thelargest Indian solar EPCplayer, according to anindependent industrydata provider Ventured intoSolar EPC businessin India Ventured intoRooftop Solarservices Commenced our firstinternational solar projectof 90 MWp capacity inSouth AfricaSterling and Wilson Solar Limited Expanded operations inthe USA201620148 Demerged Sterling andWilson Solar from theSterling and Wilson Group,focussing on pure-play solarEPC business20152011 Listed on stock exchanges in India(BSE and NSE) Bagged the world’s largestsingle-location EPC projectorder of 1,177 MWp capacityin Abu Dhabi Started thirdparty O&MservicesAnnual Report 2019-209
Corporate OverviewStatutory ReportsFinancial StatementsCHAIRMAN’SMESSAGEcapital and hence the ROCE in the business continues to berobust. The business generates sufficient free cash flow toenable us to pay dividends to our shareholders.We are amongst the leadingsolar EPC and O&M solutionsproviders in the world, with ahealthy order book of 11,395.9Crore and a significant presenceand operational experienceacross geographiesDear Shareholders,We are happy to present to you our first annual report afterthe Company’s Initial Public Offering in August 2019. Wedeeply thank all our retail and institutional investors for theirparticipation in the IPO and assure them of our commitmentand dedication towards strong corporate governance andvalue creation.Today, solar is one of the most competitive sources of powerglobally. Being cheaper than oil & gas, it is a highly sought-afterand commercially viable source of energy. With solar being theenergy of the future, we are in an advantageous position. Weare amongst the leading solar EPC and O&M solutions providersin the world, with a healthy order book of 11,395.9 Croreand a significant presence and operational experience acrossgeographies. Our services encompass a comprehensive rangeof “concept to commissioning” projects, including design,engineering, procurement, construction and end-to-endproject management.Being a part of the prestigious Shapoorji Pallonji Group, webenefit from their existing, deep-rooted relationships in severalcountries, an aspect that plays a crucial role in accelerating ourmarket entry.Year in briefAfter two glorious years of Y-o-Y increase, our revenue fromoperations during the year ending March 2020 declined32.34% at 5,575.29 Crore, as against 8,240.41 Crore ayear earlier. This is owing to a significant decrease in the EPCrevenue from Middle East, North Africa and India. The fall inrevenue from Indian operations is primarily on account ofBalance of Supply, as against contracts with modules in theprevious year. However, even though our profits have beenlower than last year, our return on equity at 25.4% continues tobe very strong.10Sterling and Wilson Solar LimitedDuring the year, we commissioned 27 projects, aggregating1,528.18 MWp across 9 countries.Revenues from O&M business stood at 183.54 Crore,rising by 96.14% from 93.58 Crore a year earlier. Our O&Mrevenues have been doubling each year since FY 2017 due tothe annuity-based business model that we use combined withimproving operating leverage and efficiency. O&M, being ahigh-margin business, grants more revenue visibility. Thus, withan increased focus on this business, we hope to convert many ofour EPC projects into O&M contracts. We have piloted our firstfloating solar project in India and are very excited about thisbusiness as it has a huge growth potential both in India andinternational markets.The year has been challenging given the slowdown in worldeconomy, coupled with the impact of the novel Coronavirus(COVID-19) outbreak in the first quarter of 2020, impacting mosteconomies owing to extended lockdowns. At Sterling and WilsonSolar Limited, we have been constantly evaluating the situationand despite the turbulent times, managed to win prestigiousinternational projects. With the global COVID-19 situation nowstabilising and with our existing order book pipeline, we lookforward to a great year, both in terms of turnover and profitability.BorrowingsOur borrowings stood at 1,224.04 Crore at the end of the year.Borrowings decreased substantially on account of repaymentmade during the year through collection of Intercorporatedeposits and internal accruals. The inter-corporate loanand interest stands slightly higher, compared with externalborrowings. Once the intercorporate deposits are paid, we arelikely to become a net debt-free company.Strong financialsOur asset-light business model entails low investment in fixedassets. We have grown this business on a relatively low workingEngineering and executionOurs is a differentiated business model with high entry barriers,where our capabilities in innovation and technology serve askey differentiators. At the same time, our highly optimiseddesign, execution and installation skills keep us ahead of thecurve, as do our years of experience in the industry. A costefficient base in India, coupled with a meticulous procurementpolicy, enhances our margins as well as the potential to deliversolutions at the most competitive rates.Bankable EPCThe global model of non-recourse financing for renewableprojects creates a very strong entry barrier for competition.Since most of the money invested in a renewable project is fromthe lender, they ensure that the EPC contractor has a strongbalance sheet and execution track record. Over the years, ourCompany has built both these strengths and has become one ofthe most bankable EPCs globally.Customers and lendersThe Company’s global reputation is reinforced by a wellestablished track record of executing complex and large-scaleEPC projects, resulting in higher customer retention and a largepercentage of repeat orders.Geographic presenceWe are proud of our global presence across 25 countriesincluding India, South East Asia, the Middle East, Africa, Europe,United States and Latin America and Australia.With global expansion being a core part of our strategy, weinvest sufficient time to evaluate a specific geography andits market dynamics before foraying into it. This strategy hashelped us attain leadership position and gain profitability acrossmost regions within a short span of time. Venturing into newergeographies have also been instrumental in de-risking ourportfolio and expanding our customer base at a massive pace.With our geographical expansion, our customer concentrationrisk has decreased immensely from 25.84% in FY 2019 to12.91% in FY 2020.We are gradually moving to newer regions and leveragingincreased opportunities in high-potential geographies likeUSA and Australia. We are proud to share that we have won ourfirst large order for utility-scale in United States. We are alsosetting up base in Europe, venturing into Mexico and scoutingfor opportunities in South Korea.Foray into AustraliaAustralia is well endowed with a range of renewable energysources and ranks among the top 10 solar nations by capacity,globally. The country has the biggest uptake of solar powerworldwide, with more photovoltaic capacity added annually thanother energy sources. Factors such as favourable governmentschemes, upcoming large-scale solar projects and governmentpackages to support solar PV installers amidst COVID-19are expected to drive the Australian solar power market.As we identify high-potential geographies, we are keen toleverage the massive opportunity in Australia and increase ourmarket share.We have won two solar projects in Australia, which are undercommissioning. The first Australian project is a 200 MWWellington Solar Farm project, a turnkey solar photovoltaicindependent power project, being constructed in collaborationwith Lightsource BP. The project is amongst the first fewmaking use of bi-facial module, making it economicallyviable and competitive. Our second project in Australiais the Gangarri Solar Farm, an industrial-scale solar electricityfarm in Queensland with the oil giant Shell Energy. Thesolar farm supports Shell’s integrated energy solutions forindustrial customers and is scheduled to be completed byearly 2021.Moving forwardWe foresee better turnover and profits in the year ahead, as weforay into newer geographies and reinforce our presence in theexisting ones. Moving forward, we also intend to leverage thegrowing demand for solar energy from large-scale oil & gascompanies. Like always, we aim to deliver spectacular, highquality, cost-efficient and timely solar energy solutions andachieve utmost customer satisfaction.We are constantly working to expand our product offeringsin O&M, floating solar and solar storage solutions, besidesenhancing operational and financial efficiency for continualbusiness growth. With a dynamic workforce spread acrossmultiple geographies, our emphasis remains on enabling culturalfusion and maintaining a harmonious working environmentfor everyone. Collectively, this will help us create, sustain anddeliver value to our stakeholders.PeopleI want to thank the entire Sterling and Wilson Solar Limitedteam for their continuous support and their untiring passiontowards their work which has led us to reach newer heights. Ourworkforce across the globe has been committed even duringthese unprecedented times. Our focus continues to be onpeople and their professional development.Growth outlookWith the solar industry projected to grow in high double digitsfor the foreseeable future, our customers and lenders havinghuge global investment plans in solar energy and with us beinguniquely positioned as one of the only solar EPC’s with a trulyglobal footprint, the future is bright. With a promising businessmodel and an experienced and committed team, we are wellpoised to capitalise on the opportunities coming our way, andto create new ones, to take Sterling and Wilson Solar Limited toa new orbit of growth and success.Khurshed DaruvalaChairmanAnnual Report 2019-2011
Corporate OverviewStatutory ReportsFinancial StatementsOUR BOARD OFDIRECTORS3546121Khurshed Yazdi DaruvalaChairman and Non-Executive DirectorKhurshed Daruvala holds a bachelor’sdegree in commerce from the Universityof Mumbai and is an associate memberof the ICAI. He has been part of theSterling and Wilson Group for almost 25years and was the erstwhile ManagingDirector of Sterling and Wilson PrivateLimited. He has been on the Board ofSterling and Wilson Solar Limited sinceApril 25, 2018.12Sterling and Wilson Solar Limited2Pallon Shapoorji MistryNon-Executive DirectorPallon Mistry holds a master’s degreein strategic management from ImperialCollege, London. He is on the board ofseveral companies including ShapoorjiPallonji and Company Private Limited,Afcons Infrastructure Limited, ShapoorjiPallonji Infrastructure Capital CompanyPrivate Limited, Shapoorji Pallonji Oiland Gas Private Limited and Sterling andWilson Private Limited. He has been onthe Board of Sterling and Wilson SolarLimited since August 2, 2018.3Bikesh OgraNon-Executive Director and Global CEOBikesh Ogra holds a bachelor’s degreein electrical engineering from NITDurgapur and is a veteran in the industrywith over 23 years of experience inthe EPC sector. He has been a longserving member of the Sterling andWilson Group and was entrusted withthe responsibility of developing thesolar business when it was establishedin 2011. He has been on the Board ofSterling and Wilson Solar Limited sinceMarch 27, 2019.4Keki Manchersha ElaviaIndependent DirectorKeki Elavia holds a bachelor’s degreein commerce from the University ofMumbai and is a practising CharteredAccountant. He is a fellow memberof the ICAI. He has, in the past, servedas a partner of Kalyaniwalla & Mistry,Chartered Accountants and S.R.Batliboi & Co, Chartered Accountants.He has over 40 years of experiencein Audit and Finance related mattersand has been on the Board of Sterlingand Wilson Solar Limited sinceMarch 27, 2019.5Arif Salef DoctorIndependent DirectorArif Doctor holds two bachelor’s degreesin arts and law from the University ofMumbai. He is a practising advocateregistered with the Bar Council ofMaharashtra and Goa for the past 20years. He has a varied practice whichinter alia includes civil, commercial andconstitutional law as also environmentallaw. In addition, he has appeared probono in several diverse public interestlitigations. He has been on the Board ofSterling and Wilson Solar Limited sinceMarch 27, 2019.6Rukhshana Jina MistryIndependent DirectorRukhshana Mistry is a practisingChartered Accountant with over 29years of experience. She has been onthe Board of Sterling and Wilson SolarLimited since March 27, 2019.Annual Report 2019-2013
Corporate OverviewStatutory ReportsFinancial StatementsLIGHTING UP LIVES WITHWORLD-CLASS SOLAR PLANTS104 MWp, An Giang, Vietnam3.26 MWp, Oregon, USA125 MWp, Oman144 kWp, Tamil Nadu, India65 MWp, Telangana, India36.3 MWp, Rajasthan, India2.6 MWp, Jordan450 kWp, Kerala, India14Sterling and Wilson Solar LimitedAnnual Report 2019-2015
Corporate OverviewNOOR ABU DHABI:An incredible solarstoryStatutory ReportsFinancial StatementsA world-class solar projectKey drivers for plant optimisation One of the lowest tariffs globally for a PV plant East to West installation of modules with unique eighthigh fixed structure design used to optimise powergeneration Bid for 1,177 MWp against requirement of 350 MWp Installed 200 MWp within a short span of one month Built with over 5 million accident-free safe manhours Preference to maximise procurements from UAE led totime and cost optimisation 1,412 robots used (at a button’s click) to reduce waterconsumption and operating expensesDelivering value to stakeholdersThe Noor Abu Dhabi Project is the world’s largest single site solar projectcommissioned at Sweihan in the emirates of Abu Dhabi with 3.2 million solarPV panels and 1,177 MWp capacity.Cleaner, greener energyThe project is a culmination of the UAE’s energystrategy 2050 launched in 2017 and is poisedto increase the share of renewable energy in itsenergy mix by up to 50% by 2050. It will reducecarbon footprint from the use of natural gas forpower generation by 70%. Maximised electricity generation Optimised time and cost localisation Automated, with low-cost O&M Optimised use of land area (Bid criteria was minimum 350 MWp)Creating an ImpactTo reduce CO2 emissions by 1tonnes in a yearmillion metricOn time, within budgetSupported by Abu Dhabi Water and ElectricityAuthority, construction of the plant began as perschedule and was completed within 23 months tosuccessfully generate 1,177 MWp solar energy andachieve desirable cost-efficiency.To cater to electricity demands of90,000 homesUniquely PositionedThe only plant in the Middle East with an East-Westconfiguration, which helps extract sun’s energyfrom both sides, it sets the benchmark for efficientsolar energy solutions needed to address the globalclimate emergency.16Sterling and Wilson Solar LimitedTo remove 2,00,000off the roadcarsAnnual Report 2019-2017
Corporate OverviewCOCHIN INTERNATIONALAIRPORT LIMITED:Powered by the SunStatutory ReportsFinancial StatementsCIAL has received the UnitedNations Champions of the EarthAward in 2018.Cochin International Airport, the world’s first fully solar-powered airport, has takena lead in utilising renewable energy in the aviation sector, and set a clear example inbeing environment-friendly. The Airport has tapped into green energy and achievedpower neutrality, becoming an inspiring model for high-energy consumers.The state-of-the-art Cochin International Airport Limited(CIAL) is the world’s first fully solar-powered airport, withan over 40 MW solar photovoltaic (PV) power station. One ofIndia’s largest airports handling 10 million passengers a year,CIAL generates 1.6 lakh units of power per day, against an
Sterling and Wilson Solar Limited An Associate of Shapoorji Pallonji Group Registered Office: Universal Majestic, 9th Floor, P. L. Lokhande Marg, Chembur (W), Mumbai -400 043 Phone: (91-22) 25485300 Fax: (91-22) 25485331 CIN: U74999MH2017PLC292281 Email: info@sterlingwilson.com www.sterlingandwilsonsolar .com September 08, 2020 . BSE .
