SW Solar jumps up 10%

Today morning, Sterling and Wilson Solar Solutions, incorporated in the USA, a wholly owned step down subsidiary of the Sterling and Wilson Renewable Energy along with its consortium partner Sun Africa has signed a MoU with the Govt of the Federal Republic of Nigeria to deliver the development, design, construction and commissioning of solar photovoltaic power plants with total installed capacity of 961 MWdc at five different locations in Nigeria along with battery energy storage systems with total installed capacity of 455 MWh.

These Projects will ultimately be owned and operated by Niger Delta Power Holding Company (NDPHC), a Nigerian Government owned entity.

Financing for these projects are under negotiations between US EXIM, ING and the Government of Nigeria.

This MoU has been entered as a first step towards signing of definitive Development and EPC Agreements, which is subject to, inter alia, financing arrangement and approval by the Board of Directors of NDPHC.

The stock is among the top five gainers on the BSE, rising 10% to Rs.362.10 on the back on a 4-times rise in volumes. Its 52-week high is at Rs.509.