Sterling & Wilson Renewable Energy Limited (SWREL) has made progress in collecting indemnity payments stemming from agreements dating back to 2021. The company recently received a significant portion of the total claim and is awaiting the remainder from one of its promoter selling shareholders.

Key Developments

• Total Indemnity Claim: Rs. 174.54 crore
• Payment Received: Rs. 31.42 crore from Mr. Khurshed Yazdi Daruvala
• Pending Payment: Rs. 143.12 crore from Shapoorji Pallonji and Company Private Limited (SPCPL)

Payment Details

The indemnity claim originates from agreements made in 2021 involving SWREL, the promoter selling shareholders, and Reliance New Energy Limited. These agreements include a Share Subscription Agreement dated October 10, 2021, and an Indemnity Agreement dated December 29, 2021.

SPCPL's Commitment

SPCPL has formally communicated its intention to fulfill its obligation. In a letter dated November 28, 2025, the company stated:

"We are working towards an expeditious payment of SPCPL Indemnity Claim Amount to SWREL and confirm that the same will be paid in full within 60 (sixty) days and no later than 31 January 2026."

SPCPL also reaffirmed its commitment to fully discharge all obligations under the agreements executed with SWREL.

Company's Disclosure

Sterling & Wilson Renewable Energy disclosed this information in compliance with Regulation 30 of the Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015. The company's Chief Financial Officer, Ajit Pratap Singh, signed off on the regulatory filing.

This development demonstrates Sterling & Wilson Renewable Energy's active pursuit of agreed-upon indemnities and the responsiveness of its promoter selling shareholders. Investors and stakeholders will likely monitor the situation closely, particularly the pending payment from SPCPL, which constitutes a significant portion of the total indemnity claim.

Sterling & Wilson Renewable Energy Limited (SWREL), a leading player in the renewable energy sector, has announced a significant win in the South African market. The company has secured a 240 MW AC turnkey solar PV project contract, marking its second international order from South Africa this fiscal year.

Project Details

Strategic Significance

This latest contract win underscores SWREL's growing presence in the South African renewable energy market. The company now boasts a portfolio of four solar projects with four different developers in the country, highlighting its ability to attract diverse clients and establish a strong foothold in international markets.

Financial Impact

The new order contributes significantly to SWREL's order book for the current fiscal year. Here's a breakdown of the company's recent performance:

Market Outlook

The solar PV market in South Africa is experiencing robust growth, driven by several factors:

1. Increasing corporate demand for energy security
2. Declining costs of solar technology
3. Need for improved grid stability

SWREL's repeated success in securing projects in this market positions it well to capitalize on these trends and further expand its international operations.

Conclusion

Sterling and Wilson Renewable Energy's latest project win in South Africa represents a significant step in its international expansion strategy. As the company continues to secure high-value contracts and diversify its project portfolio, it strengthens its position in the global renewable energy market. The company's ability to attract diverse clients in South Africa demonstrates its growing reputation in the international renewable energy sector.