STRLNG & WIL REN ENE LTD

Sterling & Wilson Renewable Energy Limited was initially incorporated as a Private Company with the name 'Rashmika Energy Private Limited' on March 9, 2017. Subsequently, the Solar EPC Division of Sterling and Wilson Private Limited demerged into the Company pursuant to order dated March 28, 2018 of the NCLT, Mumbai approving the Scheme of Arrangement, for the transfer of Solar EPC Division on April 1, 2017. Thereafter, Company changed the name to Sterling and Wilson Solar Private Limited and Certificate of Incorporation was issued by the RoC on April 24, 2018. Subsequently, Company converted into a Public limited company and the name of the Company was changed to Sterling and Wilson Solar Limited on January 25, 2019 and further to Sterling & Wilson Renewable Energy Limited on November 16, 2021. The Company is a global pure-play, end-to-end solar engineering, procurement and construction (EPC) solutions provider, and was the world's largest solar EPC solutions provider. The Company provides EPC services primarily for utility-scale solar power projects with a focus on project design and engineering and manage all aspects of project execution from conceptualizing to commissioning. It also provides Operations & Maintenance (O&M) services, for own projects and those constructed by third parties. Commencing operations in 2011 as a part of the Shapoorji Pallonji Group, a 40% stake of the Company was acquired by Reliance Industries Limited (RIL) in 2022, through its subsidiary Reliance New Energy Limited (RNEL). The Company commenced operations in 2011 as the Solar EPC Division of SWPL and demerged from SWPL with effect from April 1, 2017. Over a span of seven years, the company became the largest solar EPC solutions provider in each of India, Africa and the Middle East and currently has a presence across 28 countries. The Company offers a complete range of customized solutions for solar power projects. The customers include leading independent power producers ('IPPs'), developers and equity funds. It adopts a consultative approach to customers' solar energy needs and capabilities, which enables it to provide customized solutions to meet their requirements. It follows a 'hub-and-spoke' business model where it manages the complete supply chain from India, including the design and engineering functions, and engages a few suppliers and third-party subcontractors and procure part of the raw materials for their operations locally in each of the markets, where there is a cost advantage or to comply with local regulations. The company seeks to leverage this business model to procure products and services solutions for their customers at competitive prices. As of March 31, 2019, Company had 205 commissioned and contracted solar power projects with an aggregate capacity of 6,870.12 MWp. The Company has a total of 15 subsidiaries as on March 31, 2020 comprising of 6 direct subsidiaries and 9 step down subsidiaries During the year 2019-20, Company commissioned 27 projects, aggregating 1,528.18 MWp across 9 countries. It commenced construction on 200 MW Wellington Solar Farm project in Australia. It commenced construction on 144 MW Gangarri Solar Farm project in Australia. It commissioned 375 MWp solar project in Anantapur, Andhra Pradesh. It commissioned two projects in Vietnam of 104 MWp and 168 MWp capacity each. It kick-started construction on two projects in Chile with capacity of 190 MWp and 170 MWp each. It signed 344MW of projects in Australia. During the FY 2019-20, Sterling and Wilson Brasil Servicos Ltda., a wholly owned subsidiary of the Company, which incorporated under the Municipality of Sao Paulo, has been dissolved. Further, Sterling and Wilson Austalia Pty, Ltd. and Sterling and Wilson Malasiya SDN, BHD, were incorporated as subsidiaries of the Company on April 16, 2019 and June 04, 2019 respectively. In FY 2020-21, the Company commissioned first floating solar project of 450 KW in India. The Board at its meeting held on March 16, 2020 had approved the Scheme of Amalgamation by absorption of Sterling & Wilson - Waaree Private Limited, a wholly owned subsidiary of the Company, with and into the Company. The Hon'ble National Company Law Tribunal (NCLT), Mumbai Bench, vide its Order received dated January 29, 2021 approved the said Scheme on March 30, 2021. The Scheme has come into effect on April 07, 2021 with the appointed date as April 01, 2020. The name of Renovable Energia Contracting S.L. and GCO Electrical Pty. Limited, subsidiaries of the Company, have been changed to Sterling and Wilson Solar Spain S.L. and GCO Solar Pty. Limited respectively. During year 2021-22, Sterling and Wilson International Solar FZCO (SWFZCO), a wholly owned subsidiary of Company increased its shareholding in Sterling and Wilson Middle East Solar Energy L.L.C (SWME Solar) and consequently, SWME Solar became a wholly owned subsidiary of SWFZCO. In 2022-23, Sterling and Wilson Solar Solutions Inc. (SWSS), a step-down subsidiary of Company, incorporated a wholly owned subsidiary in the name of Sterling and Wilson Renewable Energy Nigeria Limited in Nigeria on February 09, 2023. The Company commissioned 65 MW solar power plant for Energon in Telangana in FY24. The Company ventured into the fast-growing Hybrid projects segment, with the first Hybrid order in Rajasthan comprising Wind EPC of 69 MW and Solar EPC of 75 MW in FY25. In FY26, Company commissioned 4.5 GW AC capacities across the multiple projects in India and overseas.