Sterling and Wilson Renewable Shares were locked in a 5% upper circuit on 22 November after the company’s Joint Venture (JV) secured a $2.2 billion order from the Nigerian Government.

Sun Africa LLC, which is a JV of the company, will develop a 961-megawatt peak of Solar Photovoltaic generation infrastructure and 455-megawatt hours of battery energy for Nigeria. According to the media outlet CNBC-TV18, the company is set to get $1.5 billion of the $2.2 billion order.

The power minister of Nigeria, Adebayo Adelabu, said that Citi. US-EXIM Bank and ING Bank will support the project and will commit over $10 billion over the years.

The company is yet to sign a formal deal, but the order execution is expected to begin six months after the agreement is signed.

In its quarterly earning report for the July-September quarter, the company’s net loss narrowed to Rs 54.51 crore in the quarter from Rs 298.71 crore reported in the year-ago quarter.

The company’s total income surged 89% year-on-year to Rs 776.73 crore for the quarter from Rs 410.80 reported in the same quarter of the previous fiscal year.

At 3:30 pm, the shares of Sterling and Wilson closed 4.99% higher at Rs 314.80 on NSE.