OCTOBER 20239TOP STORIESSTERLING & WILSON RENEWABLE BOARD APPROVES PROPOSAL TO RAISE RS 1500 CRORESterling & Wilson Renewable Energy stated that the board has authorised a proposal to fund Rs. 1500 crore either through debt or equity. To pay off debt maturing this fiscal year, Sterling and Wilson Renewable Energy Ltd (SWREL) is thinking about selling equity shares.SWERL has scheduled principal repayment of Rs 1200 crore between September 2023 and March 2024, of which about Rs 770 crore is projected to be paid between September-October 2023. A Reliance Industries-affiliated firm will acquire 40% stock in the power generation company in 2022, while Shapoorji Pallonji and Company Pvt Ltd currently holds an 18.5% interest. In Bombay, its shares finished at Rs 358.A few months ago, foreign clients invoked two bank guarantees totaling Rs 390 crore, claiming that a project carried out by the company's foreign subsidiaries Sterling and Wilson International Solar FZCO had been improperly executed. According to a stock exchange statement by the company, Sterling argues that the bank guarantees were incorrectly triggered and has taken legal action against the two consumers.SWREL was required to pay 390 crore by the end of October 2023 since it had provided corporate guarantees for these bank guarantees, which were granted by Emirates National Bank of Dubai. The bank guarantee has been largely honoured by the company, but as of September 1, 2023, about Rs 270 crore has not been paid, according to a report on September 4. On June 30, the company has an order backlog of Rs. 490 crore. It secured two projects totaling Rs 470 crore in the first quarter, one in each of Rajasthan and Uttar Pradesh. Additionally, it received a 600 MW deal worth Rs 1130 crore in August from Gujarat Industrial Power Company. GAUTAM SOLAR TO EXPAND ANNUAL SOLAR MODULE MANUFACTURING CAPACITY TO 2 GWManufacturer of solar modules Gautam Solar announced that it would increase its capacity to produce 2 GW of solar modules annually by the end of CY24. The company intends to spend approximately Rs 150 crore on its manufacturing system during the year.We want to double our capacity by 2024, so that will be a step closer to realising our larger goal. In the upcoming years, our growth trajectory will be further accelerated, according to Gautam Mohanka, CEO of Gautam Solar.It further said that the increased capacity will be used to produce high-efficiency solar modules that were approved in accordance with ALMM and BIS standards for both the domestic market and outside markets, including those in the US and Europe. The business said that by expanding, it will be able to further lessen India's reliance on imported solar modules.Gautam Solar's products are already being used in a variety of applications, including rooftop solar projects, utility-scale solar projects and C&I Solar plants, both by government agencies and private entities. This major expansion will help the company to further reduce India's reliance on imported Solar Modules and is a testament to the company's commitment to the `Make in India' campaign.
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