L&T arm secures major EPC order from Saudi Arabia
Premium- The order is for the construction of the largest solar plant in Saudi Arabia with PPA signed. It is also one of the largest such plants in the world
MUMBAI: The construction subsidiary of engineering behemoth Larsen &Toubro (L&T) has secured a "major" contract to set up a 1.5 GW solar plant in Riyadh, Saudi Arabia.
"The renewables arm of Larsen & Toubro’s Power Transmission & Distribution Business has secured a turnkey EPC Contract, from the consortium of ACWA Power and the Water and Electricity Holding Company...for Sudair Solar PV Project of 1.5GW capacity. This project is considered the largest Solar Plant in Saudi Arabia with PPA signed. It is also one of the largest such plants in the world," L&T said in a filing to the exchanges.
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Orders worth Rs5,000-7,000 crore are classified as "major" by L&T.
The project will be spread across a 30.8 square kilometre land parcel available to install a total capacity of 1.5 GW PV solar modules with associated single axial tracker and inverters, the company said.
"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," said S N Subrahmanyan, chief executive officer and managing director, L&T.
For the December-ended quarter, L&T reported a consolidated net profit of Rs2,466.71 crore, up 4.9% on year, while revenue from operations fell 1.8% to Rs35,596.42 crore.
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