India's L&T separates renewables EPC ops into independent unit

India-based engineering major Larsen & Toubro (BOM:500510), or L&T, on Monday announced that it has carved out its renewables engineering, procurement and construction (EPC) business vertical to form a dedicated subsidiary.

The Renewable EPC business was previously part of the company's Power Transmission & Distribution business within the Infrastructure Projects segment. Its separation reflects the rising demand the wider segment faces, driven by the global shift toward cleaner energy, both in India and surrounding regions, the company said in a statement.

To date, L&T has completed EPC projects totalling 22 GWp in renewable energy, including ground-mounted solar, floating solar and wind balance of plant installations. The company has also deployed 3 GWh of battery energy storage systems (BESS).

The engineering conglomerate is associated with projects such as the 700-MW Ar Rass solar photovoltaic project in Saudi Arabia and the 90-MW Omkareshwar floating solar park in India. In July, it was tapped to build two solar projects in the Middle East with a combined capacity of 3.5 GW.

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