Sterling and Wilson Renewable Energy issued a Parent Company Guarantee of USD 31 million (approx. INR 293.04 Crore) to ABSA Bank Limited.
The guarantee secures a non-fund based working capital facility for step-down subsidiary Sterling and Wilson Engineering (Pty) Ltd. for South Africa solar projects.
The PCG is valid for 6 years from issuance date and constitutes a contingent liability for the listed entity.