SWSOLAR : SOUTH AFRICA STEP-DOWN SUBSIDIARY FILES RS 25.50 CR CLAIM

• Step-down subsidiary Sterling and Wilson Engineering (Pty) Ltd filed a Notice of Motion before the High Court of South Africa, Gauteng Local Division, Johannesburg • Dispute relates to invoked insurance bonds (advance, performance and retention) aggregating ~₹25.50 Cr issued by Credit Guarantee Insurance Corporation of Africa and Old Mutual Alternative Risk Transfer Insure • Bonds were issued on behalf of Lead Engineering and Projects (Pty) Ltd, a sub-contractor on the Doornhoek and Zondereinde projects that went into liquidation • Respondents failed to make payment after the bond invocation • Company states expected financial implications are nil

Sterling and Wilson Renewable Energy Limited

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