Sterling and Wilson Solar repays Rs 500 crore of external debt

Sterling and Wilson Solar, a Shapoorji Pallonji group company, on Tuesday said it received Rs 500 crore from its promoters, which was utilised to repay the company’s external borrowings. With this, the company’s total repayment stands at Rs 1,500 crore, the company said. The solar engineering, procurement and construction (EPC) company’s operations have been impacted due to the outbreak of the novel coronavirus (COVID-19), owing to the slowdown in key equipment deliveries, including solar PV panels, from China.

In February, the company had said that production activities at some of its critical suppliers had stopped. As most material was expected to be shipped in February and March, the company expected a significant impact from this.