L&T Expands Renewable Capacity with Major Middle East Solar Projects

On July 8, 2024, Larsen & Toubro Ltd (L&T) informed in a stock exchange filing that the company’s renewable arm had secured significant contracts in the Middle East to construct two large-scale Solar PV plants totalling 3.5 GW in capacity. These orders, finalised with a leading developer, include a comprehensive scope covering grid interconnections, pooling substations, and overhead transmission lines.

The company stated that the detailed engineering and initial construction activities are set to commence soon.

This development follows L&T’s recent announcement of winning a solar-cum-storage plant order in India, further enhancing its renewable energy portfolio. With these additions, L&T’s cumulative renewable capacity, encompassing solar and wind projects already operational and under development, is set to expand to 22 GWp (Gigawatt Peak), reinforcing its position as a key player in the global renewable energy sector.

Commenting on these significant orders, the Whole-time Director and Senior Executive Vice President (Utilities) at L&T, Mr T Madhava Das, said, “The successive order wins stand testimony to our proven engineering and project management capabilities to meet the requirements in terms of plant performance, workforce mobilisation, safety, quality and timeline. We cherish this level of customer trust.”

The Chairman and Managing Director of L&T, Mr S N Subrahmanyan, said, “The Middle East is far ahead in creating sustainable energy infrastructure and in providing a smart lifestyle. These orders are welcome additions to our green portfolio as we build the company of the future with next-generation technologies.”

Earlier this month, on July 1, L&T Energy Hydrocarbon (LTEH) vertical of Larsen & Toubro secured an order from the Oil & Natural Gas Corporation (ONGC) for the eighth phase of Pipeline Replacement Project (PRPVIII Group B) off India’s west coast. The company stated that the order involves engineering, procurement, construction, installation and commissioning (EPCIC) of 129-km subsea pipelines and associated modification works across India’s west coast offshore fields of the ONGC.

About Larsen & Toubro Ltd

Larsen & Toubro is a robust Indian multinational corporation with a market value of USD 27 billion. The company specialises in EPC projects, advanced manufacturing, and diversified services that serve global markets. Known for its customer-centric ethos and relentless pursuit of excellence, L&T has consistently led in its core sectors for more than eighty years.

On July 8, 2024, the share price of Larsen & Toubro Limited opened at ₹3,640.10, touching the day’s high at ₹3,645.70, as of 1:29 PM on the NSE.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.