L&T secures major Green EPC order from Saudi Arabia
India, Mumbai: The renewables arm of Larsen & Toubro's power transmission & distribution business has secured a turnkey EPC contract.
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India, Mumbai: The renewables arm of Larsen & Toubro’s power transmission & distribution business has secured a turnkey EPC contract.
The company has signed the contract with the consortium of ACWA Power and the Water and Electricity Holding Company (a subsidiary of the Public Investments Fund of Saudi Arabia), for Sudair Solar PV Project of 1.5 GW capacity.
According to L&T’s classification, the value of the said orders lies between $668 M (Rs 5,000 crore) to $935 M (Rs 7,000 crore).
This project is considered the largest solar plant in Saudi Arabia with PPA signed. It is also one of the largest of such plants in the world. The project that is coming up in Riyadh Province has a 30.8 km2 land parcel available to install a total capacity of 1.5 GW PV solar modules with associated single axial tracker and inverters.
Shares of L&T were down 0.99 % at $187.5 M (Rs 1404.40) on BSE.
L&T is an Indian multinational engaged in engineering, procurement and construction projects, manufacturing, defence and services with over $21 B in revenue.
“L&T is also working on potential solutions related to green hydrogen and carbon capture and storage technologies. Securing this project is a major milestone in our clean and green energy path to fight the climate crisis that the world faces,” mentioned S. N. Subrahmanyan, Chief Executive Officer of Larsen & Toubro.
Source: United News of India