Sterling and Wilson among top solar EPC players
Having just crossed the 80 MW-mark in commissioning of EPC contracts for solar power projects, the Goldman Sachs-funded Sterling and Wilson, has emerged as one of the larger EPC contractors in the field — perhaps only second to L&T. On the basis of the prospects that are in “various stages of negotiations”, Mr Bikesh Orga, who heads the solar business in the Shapoorji Pallonji group company expects to do between 150 MW and 200 MW next year.
Mr Orga is quick to point out that the solar business of the group – it is a pure-play EPC solutions provider – is only a year-and-a-half old. The company is now doing its 22nd project — its biggest was a 25 MW plant at Surendernagar, Gujarat. He says that the company has been able to draw upon the group’s resources — 5,000-odd technical staff — to emerge as a leading player.
Today, the size of Sterling and Wilson’s solar business is about Rs 200 crore. Shapoorji Pallonji group owns 56 per cent of Sterling and Wilson.
In 2008, Goldman Sachs invested $50 million into the company for 11 per cent stake. The rest of the equity is held by the top management professionals.