Power Grid

On July 9, An Indian firm Larsen & Toubro, valued between 5,000 and 10,000 crores ($1 billion to $200 million), will undertake the project through its renewable energy division, Power Transmission & Distribution. According to a press release from the Washington-based specialized energy platform, the agreement with a leading Middle Eastern developer mandates Larsen & Toubro to construct two solar power plants totaling 3.5 gigawatts.

Larsen & Toubro typically does not disclose contract specifics but has operational bases in Kuwait, Qatar, the UAE (three headquarters), Saudi Arabia (two headquarters), and Oman (two headquarters). The crores, a unit in the Indian numbering system, equals 10 million.

With this new contract, Larsen & Toubro's total solar and wind portfolio reaches 22 gigawatts, aligning with its global sustainable energy development initiatives. The Mumbai-based company indicated that the project encompasses interconnection works, including power substation construction, overhead transmission lines, and engineering.

The company's market capitalization stands at $27 billion, specializing in engineering, procurement, construction, advanced technology manufacturing, and services. Following the contract announcement, Larsen & Toubro's stock rose to 3,666 rupees ($44).

In addition to the Middle Eastern deal, Larsen & Toubro recently secured a contract in June 2024 to develop a solar power plant with energy storage in Bihar, India.