The company has emerged as the L-1 bidder for the BOS package comprising 4 blocks of the proposed solar PV plant of NTPC Renewable Energy at Khavda RE Power Park, Rann of Kutch, Gujarat with an aggregate capacity of approximately 1570 MW DC.

The total bid value, including operations and maintenance (O&M) for 3 years would be approximately Rs 2,200 crore.

"The formal LOI and contract signing will happen in due course,” Sterling and Wilson Renewable Energy said in a statement.

Sterling and Wilson Renewable Energy was demerged from Sterling and Wilson in March 2018. It is one of the largest non-original equipment manufacturers solar EPC players globally, with a diversified presence across geographies. SWREL was listed on the BSE and National Stock Exchange in August 2019.

The company reported a consolidated net loss of Rs 353.91 crore in Q1 FY23 as against a net loss of Rs 76.12 crore in Q1 FY22. Revenue from operations rose 1% YoY to Rs 1,206.93 crore during the quarter.