Sterling and Wilson Solar Solutions Inc. (SWSS), a step-down subsidiary of Sterling and Wilson Renewable Energy Ltd., faced a drawdown of a standby letter of credit amounting to USD 7,187,989.98 (approximately INR 63.47 Crores) by a customer. The amount has been reimbursed, and SWSS will pursue recovery from the customer through ongoing litigation.
Standby Letter of Credit Drawdown
A standby Letter of Credit issued in favor of a customer of Sterling and Wilson Solar Solutions Inc. (“SWSS”), a step-down subsidiary, has been drawn down. The drawn amount totals USD 7,187,989.98, equivalent to approximately INR 63.47 Crores. The company disclosed the initial details in their financial results for the quarter ended June 30, 2025.
Details of Reimbursement and Recovery
The amount drawn under the Standby Letter of Credit has already been reimbursed. SWSS is actively pursuing the recovery of this amount from the customer through existing litigation processes.
Details of the Claim
Claimant: Montague Solar LLC
Opposing Party: Sterling and Wilson Solar Solutions Inc. (SWSS)
SWSS will examine and pursue claim recovery from Montague Solar LLC under the ongoing litigation with them.
Source: BSE
