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Sterling and Wilson Renewable Energy Limited (formerly Sterling and Wilson Solar Limited) was incorporated in March 2017 following the demerger of the solar EPC division from Sterling and Wilson Private Limited. Headquartered in Mumbai, Maharashtra, the company is one of the premier global end-to-end solar engineering, procurement, and construction (EPC) solutions providers, alongside offering operations and maintenance (O&M) services for utility-scale solar projects. The company operates across multiple international geographies including Asia-Pacific, the Middle East, Africa, Europe, Australia, and the Americas. SWSL delivers turnkey solar energy projects encompassing design, engineering, procurement, project execution, and post-commissioning maintenance. By maintaining an asset-light business model, the firm manages large-scale utility solar installations while optimizing capital expenditure and operational flexibility. Promoted by Shapoorji Pallonji and Company Private Limited and Khurshed Yazdi Daruvala, the organization leverages decades of engineering heritage from the Shapoorji Pallonji Group. With a strong track record of executing complex solar projects globally, the company established a leading global market share in utility-scale solar EPC installations leading up to its public listing.
Sterling and Wilson Solar Limited raised Rs 1,406.25 crore by allocating 1,80,28,846 equity shares to 27 anchor investors at Rs 780 per share. Prominent anchor participants included Nomura India Investment Fund, Schroder International Selection Fund, Abu Dhabi Investment Authority, Fidelity Funds, HSBC Global Investment Funds, and the Massachusetts Institute of Technology.
Source: RHP • Analysis provided for informational purposes
Last Updated: 28 July 2026, 9:18 PM
Global Solar EPC Leadership
Positioned as a premier pure-play global solar EPC solutions provider with a significant international footprint across multiple continents.
Asset-Light Business Model
Operates an asset-light operational structure that minimizes fixed capital investments and enhances return ratios.
Strong Promoter Heritage
Backed by the established engineering legacy and financial reputation of the Shapoorji Pallonji Group.
Comprehensive End-to-End Capabilities
Offers comprehensive lifecycle solutions ranging from initial project design and procurement to long-term operation and maintenance.
Customer and Geographic Concentration
Revenue is significantly dependent on a limited number of large-scale utility solar projects and specific key markets.
Supply Chain and Input Cost Swings
Exposed to price volatility in solar modules and key raw materials, as well as potential international freight disruptions.
Dependence on Selling Shareholders
The public issue was entirely an offer for sale, providing no fresh capital influx directly into company operations.
Sterling and Wilson Solar Limited
9th Floor, Universal Majestic, P. L. Lokhande Marg, Chembur (West), Mumbai - 400043, Maharashtra, India
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Foreign Exchange and Regulatory Risks
Global operations expose the company to currency fluctuations, cross-border tax regulations, and trade policy shifts.