Shares of Sterling and Wilson Renewable Energy (NSE 4.24%) rose 10% to Rs 362.10 in Friday trade. It was at its highest level since May 5, after the company’s wholly-owned subsidiary Sterling and Wilson Solar Solutions signed a Memorandum of Understanding with the Nigerian Government.

“We are pleased to report that Sterling & Wilson Renewable Energy, with its consortium partner Sun Africa, has signed an MoU with the Government of the Federal Republic of Nigeria for the development, design, construction and commissioning of solar photovoltaic power plants. Battery energy storage systems with a total installed capacity of 455 MW at five different locations in the Federal Republic of Nigeria with a total installed capacity of 961 MWdc,” said Sterling and Wilson in the BSE filing.

It added that the projects would eventually be owned and operated by the Nigerian government-owned entity Niger Delta Power Holding Company (NDPHC). The company said the US Export-Import Bank, ING and the Nigerian government are negotiating to finance the projects. The stock posted its biggest intraday percentage gain since October 11, 2021.

The stock was trading at Rs 349.30 at 11:29 am, 6.11% higher than the previous day’s close of Rs 329.20. The stock has surged nearly 20% in the last month and is up about 12% in the past six months.