Legal22 Sept 2025, 06:21 pm
Sterling and Wilson Renewable Energy Reimburses USD 7.19 Million Standby Letter of Credit
AI Summary
Sterling and Wilson Renewable Energy Ltd. has reimbursed a Standby Letter of Credit amounting to USD 7,187,989.98 (approx. INR 63.47 Crores) issued in favor of a customer of Sterling and Wilson Solar Solutions Inc., a step-down subsidiary of the company incorporated in the United States of America. The reimbursement follows the customer calling upon the letter of credit. The company will examine and claim the recovery from the customer under the ongoing litigation with them.
Key Highlights
- Sterling and Wilson Renewable Energy Ltd. reimburses USD 7.19 Million Standby Letter of Credit.
- The letter of credit was issued in favor of a customer of Sterling and Wilson Solar Solutions Inc., a step-down subsidiary of the company.
- The customer called upon the letter of credit, resulting in its reimbursement by Sterling and Wilson Renewable Energy Ltd.
- The company will examine and claim the recovery from the customer under the ongoing litigation with them.
- The reimbursed amount is approximately INR 63.47 Crores.