Along with its consortium partner, Sun Africa, Sterling and Wilson Solar Solutions, the US-based company of Sterling and Wilson Renewable Energy (SWRE), has signed an agreement with the Nigerian government to construct solar and storage projects in Nigeria. The combined efforts of Sterling and Wilson Solar Solutions will develop 455 MWh of battery storage and 961 MWp of solar installations. The projects will be built at five different locations. These projects will be owned and operated by Niger Delta Power Holding Company, a Nigerian Government owned entity. Financing for these projects are under negotiations between US EXIM, ING and the Government of Nigeria.
SWRE, part of the Sterling and Wilson Group, entered the African market in 2015 with its first international project of 90 MWp in De Aar, South Africa. Reportedly, the company is said to be one of the largest solar EPC players in the region with a strong portfolio of over 1 GWp spread across seven countries.
In October 2021, Reliance New Energy Solar Limited (RNESL) offered Rs 375 per share to acquire 49.14 million equity shares of Sterling and Wilson Solar for around Rs 18.42 billion. The 49.14 million shares represent a 25.9 per cent equity investment in Sterling and Wilson Solar or the company’s entire public shareholding.