“Sterling and Wilson Solar Ltd (SWSL) has received additional Rs 500 crore against loans outstanding from Sterling and Wilson Private Limited (SWPL) and its subsidiary Sterling and Wilson International FZE (SWFZE), which was facilitated by Shapoorji Pallonji and Company Private Ltd and Khurshed Daruvala (Promoters), as per the revised schedule of repayment approved by the Board of Directors of SWSL and communicated to the stock exchanges earlier,” a company statement said.
The proceeds have been utilized to reduce the external borrowings by an equivalent amount. An amount of Rs 1,000 crore had already been repaid from the date of listing till December 31, 2019.
With this (Rs 500 crore), the total repayment stands at Rs 1,500 crore (inclusive of principal and interest).
The situation in China has improved substantially and the dispatches for all equipment including the Solar PV panels have already commenced for countries currently unaffected by the lockdowns.
However, since their operations are spread over more than 25 countries, COVID-19 is likely to affect, delivery of materials and project execution for the countries which continue to go under lockdown.
Sterling and Wilson Solar, a Shapoorji Pallonji group company, is a global pure-play, end-to-end solar engineering, procurement and construction (EPC) solutions provider, and is the world’s largest solar EPC solutions provider in 2018 based on annual installations of utility-scale photovoltaic systems of more than five mega-watt peak, according to IHS Markit.
Reference- Economic Times, Sterling and Wilson PR