L&T wins a mega EPC order for establishing the largest renewable generation plant in UAE

About the Order

The Renewable EPC arm of Larsen & Toubro’s Power Transmission & Distribution business has been chosen as the turnkey Engineering, Procurement and Construction contractor to establish an 1800MWac Solar Photovoltaic Plant in Dubai, United Arab Emirates.

The project is the sixth phase of the Mohammed bin Rashid Al Maktoum Solar Park, Dubai and is expected to reduce around 2.4 million tonnes of carbon emissions annually spread over 20 Square kilometres, the project will become operational in three phases. In addition to the Photovoltaic plant, the scope includes related evacuation and interconnection arrangements including two Gas Insulated Substations, high-voltage underground cabling and medium-voltage distribution networks.

The Mohammed bin Rashid Al Maktoum Solar Park is the largest single-site solar park in the world based on the Independent Power Producer (IPP) model. It has a planned production capacity of 5,000 MW by 2030 and when completed, it will save over 6.5 million tons of carbon emissions annually. The Solar Park is a crucial component in both the Dubai Clean Energy Strategy 2050 and the Dubai Electricity and Water Authority (DEWA) strategic initiative for Net Zero emissions by 2050. This project comes under mega classification which is in the range between Rs 10,000 crore to Rs 15,000 crore. As of September 30, 2023, L&T has a strong order book of Rs 4,507 billion.

Stock Performance:
In the last trading session, the stock closed at Rs 3,708.35. Today, it opened at Rs 3,724.85 and currently trading at Rs 3676.35, down by 0.86%. Today, shares of the company hit a fresh 52-week high at Rs 3738.90 while its 52-week low stands at Rs 2073.85. Currently, the company boast a market capitalisation of approximately Rs 5,05,300 crore. Looking back over the past year, the company’s shares have yielded a return of 73.98%, in the same time frame BSE Industrials has changed by 79.87%.

About the company

Larsen & Toubro Ltd is a multinational conglomerate which is primarily engaged in providing engineering, procurement and construction (EPC) solutions in key sectors such as Infrastructure, Hydrocarbon, Power, Process Industries and Defence, Information Technology and Financial Services in domestic and international markets.

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