Sterling and Wilson Renewable Energy

Name

Sterling and Wilson Renewable Energy

Legal name

Sterling and Wilson Renewable Energy Limited

Website

https://sterlingandwilsonre.com

Company type

Public

Founded year

2011

Operating status

Operating

Headcount range

1,001–5,000 employees

Ownership category

akta.pro rank

Product category

Solar EPC Services

NAICS

Solar Electric Power Generation (221114), Electric Power Generation (22111)

SIC

Electric Services (4911), Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Utility-Scale PV EPC (Engineering, Procurement & Construction) (EUACAGAB)

akta.pro secondary industries

Solar EPC & Construction (Utility-Scale, Rooftop, Balance of System) (EUAMABAB), Solar PV Power Plant EPC (Utility-Scale) (EUAEAAAG), Civil & Site Works EPC (Earthworks, Roads, Drainage, Foundations) (EUAEADAA), Electrical Balance-of-Plant EPC (MV Collection, Cabling, Earthing, Lighting) (EUAEADAB)

Keywords

• Solar EPC services
• Utility-scale solar construction
• Floating solar solutions
• Battery energy storage systems
• Solar operations maintenance

Headquarters

HQ city

Mumbai

HQ country

India

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Supply Chain, Operations, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Solar EPC (Engineering, Procurement, Construction): One-time project-based revenue from engineering, procurement, and construction of solar power plants. Revenue recognized over project execution period. Represents the primary revenue driver with order book of Rs 11,813 crore and FY26 revenue of Rs 7,548 crore. Includes both full turnkey EPC and Balance of System (BoS) contracts.
2. Operations & Maintenance (O&M): Recurring revenue from long-term O&M contracts for solar power plants. The company manages 13.5 GWp O&M portfolio, providing yield optimization, performance enhancement, maintenance management, warranty administration, and long-term asset management services over 2-25 year contract periods.
3. Hybrid & Energy Storage Solutions: Revenue from standalone BESS projects and hybrid solutions combining Solar PV with battery storage and/or diesel generators. The company diversified into battery storage with 790 MWh BESS project in Rajasthan and 1,000 MWh battery energy storage project win, targeting ~20% of future orders from this segment.

Go-to-market motion1 record

Distribution channels3 records

Marketing channels5 records

Core offering

Sterling and Wilson Renewable Energy provides turnkey Engineering, Procurement, and Construction (EPC) solutions for utility-scale solar PV projects, floating solar installations, hybrid and battery energy storage systems, and long-term operations and maintenance (O&M) services. The company executes full-scope solar power plant delivery from design, engineering, procurement, and construction to commissioning, grid connection, and ongoing asset management across more than 28 countries.

Product overview

Sterling and Wilson Renewable Energy is a leading global solar EPC (Engineering, Procurement, and Construction) provider offering a comprehensive portfolio of renewable energy solutions. The company's core offerings include Utility-Scale Solar EPC for large-scale solar farms, Floating Solar for water-based installations, Hybrid & Energy Storage combining solar with battery systems and diesel, Solar Operation and Maintenance services with advanced monitoring and module testing capabilities, and Solar Rooftop solutions for distributed installations. The portfolio is unified around the company's EPC expertise spanning project development, construction, and long-term asset management across 28 countries with over 21.7 GWp of delivered projects.

Differentiator

Problem solved

Functional benefit

Quantifiable outcome

• Reduced diesel consumption by 2 million liters per annum at Nampala Gold Mines through hybrid solar-BESS solution
• +4 more outcomes

Named customers6 records

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature7 records

Partnerships

Five partnerships are on record, tiered core.

• Infinity PowercoreChannel Partner/ Reseller/ Distributor · 24 June 2026Infinity Power signed EPC agreements for 773.6 MWp solar projects in South Africa (Highveld Solar 285.6 MWp and Negwedi solar cluster 488 MWp). Sterling and Wilson Renewable Energy and PowerChina Guizada Engineering contracted to build the respective projects, expected to power 450,000+ households and avoid 1.8 million tonnes CO2 annually.
• PowerChina Guizada EngineeringcoreChannel Partner/ Reseller/ Distributor · 24 June 2026Joint EPC contracting with PowerChina Guizada Engineering for separate solar project within Infinity Power's South Africa portfolio. Supports delivery of 773.6 MWp combined capacity across two locations.
• NTPC Renewable Energy LimitedcoreStrategic or Co-development Partner · 7 January 2026Won Rs 1,535 crore EPC order from NTPC REL for 300 MWac solar project at Khavda RE Power Park in Gujarat, including 3-year O&M. Third order from NTPC REL in over a year. Company also secured 1,182 MWdc turnkey project from Coal India and 50 MWdc balance of system order from leading Indian IPP.
• Adani Green Energy LimitedcoreStrategic or Co-development Partner · 1 December 20255-year strategic partnership with Adani Green Energy for Balance of System orders. First purchase order valued at Rs 1,381 crore for Gujarat solar projects. Framework agreement enables continued collaboration on solar EPC projects. SWREL also mentioned as external EPC contractor for Adani Green alongside L&T, Bondada Engineering, KPI Green Energy, and Amara Raja Infra.
• Sterling and Wilson Engineering (Pty) LtdcoreStrategic or Co-development Partner · 27 November 2025Step-down subsidiary in South Africa implementing four Solar PV projects including 240 MW solar project under USD 147 million EPC contract. Company issued USD 31-34 million parent company guarantees to ABSA Bank and Nedbank for working capital facilities supporting South Africa projects.

Scale indicators11 records

Recent moves7 records

Expansion highlights6 records

Direct peers

• Tata Power Solar Systems: Subsidiary of Tata Power, one of India's largest solar EPC providers with significant utility-scale and rooftop solar project execution. Directly comparable to SWREL in Indian utility-scale solar EPC market and customer base of government utilities and IPPs.
• Waaree Energies: India's largest solar PV module manufacturer with growing EPC and IPP business. Competes with SWREL in utility-scale solar EPC and rooftop solar segments, targeting similar government utility and developer customers.
• Vikram Solar: Indian solar PV manufacturer and EPC contractor with utility-scale and rooftop solar capabilities. Directly competes with SWREL in Indian solar EPC market and has overlap in customer segments including government utilities and private developers.
• Azure Power: India-focused solar IPP with operational portfolio across multiple states. Comparable to SWREL in utility-scale solar project execution and relationships with NTPC and government offtakers, though Azure is asset owner rather than EPC contractor.
• Jakson Group: Indian diversified EPC company with strong solar EPC and DG-solar hybrid capabilities. Directly competes with SWREL in utility-scale solar EPC, hybrid solutions, and O&M services across Indian government and private developer segments.

Broad incumbents

• Adani Green Energy: India's largest renewable energy IPP with 10+ GW operational capacity. While primarily an asset owner and developer, AGEL also undertakes internal EPC and uses SWREL alongside other contractors (L&T, Bondada, KPI Green) as external EPC partner. Comparable in solar utility-scale project scale and Indian market presence.
• Larsen & Toubro (L&T): India's largest diversified engineering and construction conglomerate with a significant solar EPC business. Competes with SWREL for major utility-scale solar tenders (including Adani Green contracts) and can leverage cross-segment EPC capabilities to compete on price.
• First Solar: Global solar PV manufacturer and utility-scale project developer with EPC and O&M capabilities. Comparable to SWREL in global utility-scale solar EPC execution and large international project portfolio, particularly in Middle East and emerging markets.
• Enel Green Power: Global renewable energy developer and IPP with utility-scale solar and wind operations across 30+ countries. Comparable to SWREL in global renewable energy footprint and developer capabilities, though Enel operates more as asset owner than EPC contractor.

Emerging players

• Bondada Engineering: Emerging Indian solar EPC contractor that has secured major orders from Adani Green Energy and other developers. Represents the new wave of competitive EPC entrants pressuring SWREL's market position in utility-scale solar tenders.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat6 records

Key risks7 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/@sterlingandwilsongroup
• Facebookfacebook.com/SterlingandWilsonofficial
• LinkedInlinkedin.com/company/sterling-and-wilson-renewable-energy

Compliance3 records

Revenue estimate

Valuation estimate

Number of profiles

Profiles12 records

Subsidiaries2 records

Funding overview

Funding rounds3 records

Investors3 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sterling and Wilson Renewable Energy